Veteran Washington insiders discuss the implications of Trump's presidency on the Inflation Reduction Act, including potential changes to IRA provisions, challenges for the incoming administration, regulatory impact of the Biden administration, and Trump's tax policy and legislative updates.
Potential changes to the Inflation Reduction Act under President Trump, balancing bipartisan support and clean energy initiatives.
Focus on extending 2017 tax cuts and offsetting costs through IRA provisions like electric vehicles and energy tax credits.
Deep dives
Potential Impact of the Immigration Reduction Act with Trump Presidency
The discussion delves into the possible fate of the Immigration Reduction Act under a President Trump scenario. If Republicans control both the House and Senate, significant changes to the IRA might be on the table, yet key bipartisan-supported provisions may limit a complete overhaul, maintaining transitional elements for cleaner energy initiatives.
Considerations for Extending Tax Cuts
The conversation shifts to the focus on extending the 2017 tax cuts and potential debates surrounding tax provisions. The primary priority is seen in extending these tax cuts, with a key point of discussion being the offsetting of costs by assessing provisions within the IRA, particularly those related to electric vehicles and energy-related tax credits.
Treasury Regulations and Legislative Timing
The episode highlights the significance of Treasury regulations and their potential evolution under different administrations. It explores the impact of the Biden Treasury's guidance on IRA provisions in light of potential shifts, emphasizing the complexities of aligning regulations with legislative priorities and the potential use of executive orders to influence Treasury guidance.
Hydrogen Tax Credits and Regulatory Scrutiny
The discussions touch upon the contentious lobbying surrounding hydrogen credits and their place within bipartisan and political considerations. The potential changes in Treasury's proposed regulations on hydrogen credits are examined, showcasing the intricate balance between stakeholder demands, regulatory reviews, and the uncertainty surrounding the evolving tax credit landscape.
Two veteran Washington observers talk about the outlook for the Inflation Reduction Act if Trump is elected. The two are Joe Mikrut, Partner, Capitol Tax Partners and John Gimigliano, Principal-in Charge, Federal Tax Legislative and Regulatory Services, KPMG. The moderator is Keith Martin in Washington.
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