Duval Times

U.S. Senator Marco Rubio (R-FL) has introduced legislation aimed at protecting American manufacturing and preventing foreign adversaries, including Communist China, from benefiting from U.S. tax credits. The move comes ahead of the Biden Administration's release of guidance for the "45X" production tax credit.

In a statement, Senator Rubio expressed concerns about the Biden Administration's Inflation Reduction Act, which he believes gives foreign entities, including foreign adversaries, the opportunity to receive generous tax credits at the expense of American manufacturers. He stated, "President Biden has prioritized a radical climate agenda ahead of our national security, and his Inflation Reduction Act is giving foreign adversaries the opportunity to benefit from U.S. tax dollars while they simultaneously put American companies out of business."

The Protecting American Advanced Manufacturing Act, introduced by Senator Rubio, aims to ensure that future benefits for American companies do not end up in the hands of foreign adversaries. U.S. Representative Carol Miller (R-WV) will introduce companion legislation in the House. Congresswoman Miller criticized the Biden Administration for allowing China to access American tax credits, stating, "The weak guardrails from the Administration for the 45X tax credits continues to give China an advantage over American manufacturers, effectively killing American jobs and stifling innovation."

The Protecting American Advanced Manufacturing Act would block companies owned, controlled, operated by, under the influence of, or organized under the laws of a foreign adversary from receiving tax credits. It would also prevent companies with substantial equity held by a foreign adversary, companies with direct control by a foreign adversary, and companies controlled by a foreign adversary through prohibited financial arrangements from receiving credits.

This move by Senator Rubio and Congresswoman Miller is part of a broader effort to address concerns about the impact of foreign entities, particularly China, on American manufacturing. Rubio and Representative Gallagher previously called out the Biden Administration for using taxpayer funds to subsidize the Chinese Communist Party's human rights abuses. Rubio has also sought a pledge from President Biden to not provide federal dollars to partnerships between American companies and the Chinese Communist Party's national champion. In addition, Rubio has warned about the consequences of a rapid electric vehicle transition and successfully led an effort to block Chinese-made EV chargers.

The Protecting American Advanced Manufacturing Act aims to ensure that American tax credits are not used to benefit foreign adversaries and to protect American companies from unfair competition. As the Biden Administration prepares to release guidance for the 45X production tax credit, the introduction of this legislation highlights the ongoing debate surrounding the balance between climate goals and national security concerns.

Click this link to access more information: https://www.rubio.senate.gov/rubio-introduces-bill-protecting-american-manufacturing-ahead-of-further-biden-climate-credits/