Moolenaar Bill to Block Biden Tax Credits for Adversaries Introduced in Senate

Today, Congressman John Moolenaar’s bipartisan House legislation to block the Biden Administration from giving money to companies affiliated with the Chinese Communist Party was introduced in the Senate by Senators Tom Cotton (R-AR) and Rick Scott (R-FL). The legislation blocks the Biden administration’s recently finalized Treasury Department rule on 45X production tax credits from being implemented. The rule, which was completed by the department in October, allows companies affiliated with the Chinese Communist Party (CCP) to receive American tax dollars for producing battery components.  

“My legislation will protect American taxpayers and stop their tax dollars from going to the Chinese Communist Party. I welcome my Senate colleagues support for this commonsense legislation. It is unfortunate that the Biden Treasury Department would allow billions of taxpayer dollars to flow to CCP-affiliated companies. This legislation will stop the Treasury’s rule and protect the American people,” said Moolenaar. 

The legislation utilizes the Congressional Review Act, which gives Congress the authority to stop regulations issued by the executive branch. If the legislation is passed by the house and Senate and signed by the President within 60 days of the rule being finalized, it would be blocked.  

Moolenaar previously introduced the NO GOTION Act, which would prevent companies based in China, Iran, Russia or North Korea, and the subsidiaries of those from receiving tax credits created by the Inflation reduction Act, including the advanced manufacturing production tax credit.