Treasury Guidance on 45X Ignores Congressional Intent

WASHINGTON, D.C. – The National Mining Association’s (NMA) President and CEO Rich Nolan commented on guidance issued today 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.”

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