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House subcommittees question IRA energy tax credits, budget impact and grid risks
Summary
A joint hearing examined the Inflation Reduction Act's energy tax credits, with witnesses and members disputing the law's budget estimates, distributional effects and potential impacts on electric-grid reliability.
A joint hearing of the Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs and the Subcommittee on Health Care and Financial Services examined the budgetary and reliability consequences of energy tax credits in the Inflation Reduction Act, lawmakers and witnesses said.
Lawmakers said the scale and design of the IRA's energy incentives have produced large, unexpected federal costs and distorted energy markets. "Subsidies beget subsidies," said Ben Lieberman, Senior Fellow at the Competitive Enterprise Institute, arguing the law funnels support to projects that would not compete without federal aid.
The panel heard multiple estimates showing the cost of IRA energy credits has risen well above initial scores. William…
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