WASHINGTON, D.C. – The National Mining Association (NMA) today testified at the Department of the Treasury among a diverse group of stakeholders calling for changes to the Internal Revenue Service (IRS) interpretation of the 45x Advanced Manufacturing Production Credit. Congress’ original intent was to use the tax credits to build secure and reliable domestic mineral supply chains from the mine up, but the benefits to mining were severely restricted – omitting extraction entirely – in the interpretation issued by the IRS in December.
In his oral testimony, Rich Nolan, President and CEO of the NMA said, “The electric vehicle supply chain begins in the mine when minerals come out of the ground. Currently, we are beholden to China, Russia, the Democratic Republic of the Congo and other countries for huge percentages of the minerals needed by U.S. manufacturing, a reality that inspired these tax credits at the outset. Therefore, a tax credit that excludes mining does nothing to address the root of our nation’s alarming mineral supply chain vulnerability.”
To access his full testimony, click here.
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