SAN FRANCISCO, CA – Today, Deputy Secretary of the Treasury Wally Adeyemo met with the San Francisco Chamber of Commerce to discuss how the Inflation Reduction Act is benefitting startup companies in the clean energy industry.
The Inflation Reduction Act is the most significant legislation to combat climate change in our nation’s history. Since the law passed, nearly 200 new clean energy projects totaling $83 billion have been announced in the United States. The vast majority of the law’s clean energy investments run through the tax code, putting Treasury at the forefront of implementing the law and realizing its full potential to grow the economy and fuel clean energy deployment. As the Treasury Department has worked to implement the law over the past ten months, it has focused on achieving the law’s goals of creating good-paying jobs, strengthening energy security, and combatting climate change.
During the meeting, the Deputy Secretary highlighted how the Inflation Reduction Act will support clean energy technology innovation. The law reforms existing clean energy production and investment incentives so that new innovations can more easily qualify in the future and puts in place targeted new incentives to accelerate key emerging technologies. This will help ensure that America leads the world in driving the next wave of clean technology innovation.
Further, the law’s Direct Pay and Transferability provisions will allow many new entities– including startups – to take advantage of clean energy tax incentives. Previously, startup companies and other entities with little or no federal tax liability had difficulty accessing clean energy tax credits and could not realize the full potential of incentives to grow the clean energy economy.