The Biden administration marked the first anniversary of the climate, tax and health care package on Wednesday as House Republicans did their best to secure large chunks of funding that the bill provided but remained unspent.
The law has some experts saying the US will move within “striking distance” of Biden’s goal of cutting US greenhouse gas emissions in half by 2030 from 2005 levels thanks in part to a $270 billion clean which are energy tax credits and compensation for methane emissions from oil. and gas sites.
A year later, the administration is trying to direct the funding to its intended use, an effort that House Republicans are trying to block in their fiscal 2024 spending bills.
The EPA and the IRS are responsible for two of the major climate components of the bill.
The IRS’s role is to apply energy-related tax credits and deductions, which form the largest portion of the climate bill and total nearly $260 billion in credits to corporations and consumers. . The IRS provided guidance on several subsidies included in the law, including a credit of up to $7,500 for the purchase of electric vehicles, published in April.
