NMA: Treasury Guidance on 45X Ignores Congressional Intent for Mining Minerals
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National Mining Association’s president and CEO Rich Nolan
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The National Mining Association’s (NMA) president and CEO Rich Nolan commented on guidance issued by the Department of the Treasury on the Section 45X Advanced Manufacturing Production Credit.
“This guidance fails to uphold Congress’s intent to incentivize the secure and reliable mineral supply chains we need. These tax incentives were created by Congress to address an extraordinary vulnerability and create American jobs while supporting the adoption of clean energy technologies.
“By restricting the benefits available to the front end of the supply chain — the mines and minerals that drive the clean energy economy — the incentives offer a pittance of what Congress intended to bolster domestic raw material supply and take on China.
“Treasury’s misreading of the law will ultimately use taxpayer dollars to increase the headwinds created by China’s willingness to flood the global commodities markets with oversupply of cheap minerals produced under questionable environmental, labor, and safety standards.”
The National Mining Association (NMA) is the only national trade organization that serves as the voice of the U.S. mining industry and the hundreds of thousands of American workers it employs before Congress, the federal agencies, the judiciary and the media, advocating for public policies that will help America fully and responsibly utilize its vast natural resources. We work to ensure America has secure and reliable supply chains, abundant and affordable energy, and the American-sourced materials necessary for U.S. manufacturing and economic security, all delivered under world-leading environmental, safety and labor standards. Headquartered in Washington, D.C., the NMA has a membership of more than 250 companies and organizations involved in every aspect of mining, from producers and equipment makers to service providers.
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