WASHINGTON – Sen. Chuck Grassley (R-Iowa) released the following statement after successfully defeating a misguided Democrat resolution that would have reversed current Internal Revenue Service (IRS) guidance allowing wind and solar companies to qualify for federal clean energy tax credits. The resolution failed by a vote of 47-53. Grassley is a senior member and former chairman of the Senate Finance Committee. He authored America’s first-ever federal wind energy tax credit in 1993.
“Earlier today, the Minority Leader claimed the recent vote on repealing IRS wind and solar guidance was a vote to reduce energy prices and save good paying jobs. He went so far as to say Republicans were '[bowing] before the throne of Big Oil.' His comments were off-base and exposed his obvious political motivations.
“The Minority Leader must not have been paying attention when my colleagues and I fought for wind and solar credits in the Working Families Tax Cuts Act. We worked with the industry to ensure American energy independence was bolstered. As a result of our negotiations, the Working Families Tax Cuts Act put wind and solar on an appropriate glide path for the orderly phase-out of the tax credits.
“As part of this phase-out’s implementation, I worked with the Treasury Department and the IRS to ensure my legislative efforts wouldn’t be undermined. The result was workable guidance that enabled the wind and solar industries to move forward with their projects. Reversing it now would create regulatory uncertainty. It would, in fact, discourage investment and delay energy development. That's why I voted against repealing this guidance.”
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