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Thursday, November 21, 2024

Miller criticizes Treasury's final rule on advanced manufacturing credit

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Rep. Carol Miller, U.S. Representative for West Virginia 1st District | Twitter Website

Rep. Carol Miller, U.S. Representative for West Virginia 1st District | Twitter Website

Congresswoman Carol Miller, representing West Virginia and chairing the Supply Chains Tax team, has expressed her concerns regarding the U.S. Department of Treasury's final ruling on the Advanced Manufacturing Production Credit (45X).

Miller stated, "It’s disappointing but not surprising that the Biden-Harris administration has once again allowed our adversaries to exploit American tax credits while stifling American manufacturing. The final 45X rule released by the Department of Treasury falls extremely short in protecting U.S. energy manufacturers and producers, while granting China unlimited access to our supply chain." She emphasized her commitment to ensuring that U.S. companies benefit from tax credits aimed at reducing energy production costs through her proposed legislation.

The Congresswoman introduced the Protecting American Advanced Manufacturing Act with Senator Marco Rubio in December 2023. This act aims to prevent foreign adversaries such as China, Russia, North Korea, and Iran from benefiting from American tax credits under specific conditions. These include ownership or control by a foreign adversary or management operations directly influenced by such entities.

The legislation seeks to eliminate access to these credits for companies controlled through debt, lease agreements, contract manufacturing arrangements, or shell companies by foreign adversaries.

Miller underscored the need for strategic decoupling from China and asserted that "eliminating their access to American tax credits is the bare minimum."

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