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Treasury Secretary Janet Yellen is warning voters in the battleground state of North Carolina that they could lose jobs if Republicans weaken a signature Biden administration law that encourages investments in manufacturing and clean energy<\/a>.<\/p>\n Yellen says that Republican-dominated states like North Carolina are greatly benefiting from tax incentives under the 2022 Inflation Reduction Act and that eliminating them would be a \u201chistoric mistake,\u201d according to a draft of a speech she will give Thursday at a community college in Raleigh. The Treasury Department released the remarks ahead of the address.<\/p>\n North Carolina has emerged as a key battleground this election cycle between Republican former President\u00a0Donald Trump<\/a>\u00a0and Democratic Vice President\u00a0Kamala Harris<\/a>, where Trump ultimately won North Carolina in the 2020 presidential election.<\/p>\n Yellen says Treasury data shows that 90,000 North Carolina households claimed more than $100 million in residential clean energy credits and $60 million in energy efficiency credits.<\/p>\n \u201cRolling them back could raise costs for working families at a moment when it\u2019s imperative that we continue to take action to lower prices,\u201d Yellen says in her speech. \u201cIt could jeopardize the significant investments in manufacturing we\u2019re seeing here and across the country, along with the jobs that come with them, many of which don\u2019t require a college degree. And it could give a leg-up to China and other countries that are also investing to compete in these critical industries.\u201d<\/p>\n \u201cAs we see clearly here in North Carolina, this would be a historic mistake,\u201d she says.<\/p>\n Some Republicans have called on their leaders to reconsider repealing IRA energy tax incentives.<\/p>\n A group of 18 House Republicans in August\u00a0called on House Speaker Mike Johnson to reconsider efforts<\/a>\u00a0to eliminate them.<\/p>\n \u201cPrematurely repealing energy tax credits, particularly those which were used to justify investments that already broke ground, would undermine private investments and stop development that is already ongoing,\u201d the letter reads. \u201cA full repeal would create a worst-case scenario where we would have spent billions of taxpayer dollars and received next to nothing in return.\u201d<\/p>\n But Rep. Chip Roy, R-Texas,\u00a0tweeted on social media site X<\/a>\u00a0that the lawmakers who signed the letter want to \u201cpreserve so-called \u2018green\u2019 handouts to Democrats\u2019 corporate cronies.\u201d<\/p>\n \u201cThe GOP must ignore K-Street lobbyists and refuse to fund the climate corporate cronies destroying our country,\u201d he said.<\/p>\n The Republican case against the Inflation Reduction Act hinges on the argument that the spending is wasteful and benefits China.<\/p>\n IRS data released in August states that 3.4 million American families have claimed $8.4 billion in residential clean energy and home energy efficiency tax credits in 2023 \u2014 mostly towards solar panels and battery storage.<\/p>\n<\/div>\n\nRecommended reading:<\/strong>
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