Electric Vehicle Tax Credits Take Preference over Biofuels in Democratic Spending Package
by Ben Nuelle (Agri-Pulse) The key committee provisions in the $3.5 trillion reconciliation package show that Democrats in Congress are in line with President Joe Biden’s vision to put electric vehicles — not biofuels — at the forefront of the fight against climate change. READ MORE
NO FOSSIL FUEL BREAKS: (Politico’s Morning Energy)
Democrats’ latest climate plan includes tax breaks for EVs that cost up to $80,000 (CNBC)
Excerpt from Morning Consult: •15% of registered voters somewhat oppose the potential provisions and 12% strongly oppose them.
- Democratic voters are likelier than their Republican counterparts to support the proposals, at 76% and 46%, respectively.
- There was no discernible difference in levels of support by region. READ MORE
Excerpt from Politico’s Morning Energy: NO FOSSIL FUEL BREAKS: House Progressives are also pushing leadership to ax tax breaks for fossil fuels in the reconciliation bill, saying they are at odds with Biden’s initial Build Back Better Agenda. “As you know, President Biden called for eliminating ‘billions of dollars in subsidies, loopholes, and special foreign tax credits for the fossil fuel industry’ in his American Jobs Plan. We were dismayed to see that the current version of the Build Back Better Act in the House is missing most of the domestic fossil fuel subsidies repeal passed by the Senate Finance Committee earlier this year,” wrote members of the House Progressive Caucus in a letter Wednesday.
BUT THEIR MODERATE COLLEAGUES ARE GETTING PRESSURE not to tax refineries as part of a seven-figure ad buy by American Fuel & Petrochemical Manufacturers. The ad campaign focuses on Democratic members in Texas and Central California. Six Texas moderates wrote to party leadership last week fretting over several energy provision in the reconciliation package — from taxes on fossil fuels to natural gas’ exclusion from clean energy portions. READ MORE
