ICYMI: Governor Stein Urges Senate Leaders to Support NC Economy By Protecting IRA Tax Credits

Raleigh, N.C. —  Yesterday, Governor Josh Stein released a letter to Senate Leadership and the North Carolina Senate delegation making the business case for preserving the IRA’s clean energy tax credits. In this letter, he outlines how cutting the credits would discourage business investment in the state and raise energy prices for everyday North Carolinians. 

“Businesses need certainty. Repealing these credits would hurt investor confidence and the ability of companies to make long term decisions and could lead to widespread freezes in investments. H.R. 1 would also hurt our national security by slowing the development of much needed supply chains for critical minerals, advanced batteries, and key technologies central to our military readiness.

Specifically, H.R. 1 effectively repeals a suite of vital tax credits that are both helping North Carolinians save money and driving economic growth across the state. This includes tax credits for clean energy, advanced manufacturing, rooftop solar and home energy efficiency products, and electric vehicles. Repealing these credits would threaten more than 20,000 jobs in North Carolina, put billions of dollars of investment at risk, and cause a significant increase in electricity prices— more than 13 percent for households and more than 20 percent for businesses across our state. Such an increase in prices will mean an average North Carolina family pays an additional $200 or more annually to power their homes.”

You can read the full letter here. 

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