End Chinese Dominance Of Electric Vehicles In America Act Of 2024
Madam Speaker, today we are considering important legislation that will take steps to ensure the Chinese companies can no longer be the ultimate beneficiary of the luxury electric vehicle tax credits that Democrats enacted last Congress.…
Madam Speaker, today we are considering important legislation that will take steps to ensure the Chinese companies can no longer be the ultimate beneficiary of the luxury electric vehicle tax credits that Democrats enacted last Congress.
When Democrats enacted the poorly named and poorly written Inflation Reduction Act, they sold the American people a false bill of goods. They said that the bill would help secure domestic supply chains and decrease our dependence on the Chinese Communist Party in critical industries. They were wrong.
Republicans knew at that time that this would not be the result of the IRA, but, unfortunately, the Biden-Harris administration has been determined to cede as much market share and too many of our taxpayer dollars to foreign adversaries with the implementation of these credits as possible.
The Biden administration has been more concerned about bowing to radical environmentalists than actually helping develop these technologies right here in America.
This legislation will close the Chinese billionaire loophole that currently allows those entities owned by billionaires from countries of concern to benefit from the electric vehicle subsidies, as long as their ties to these hostile governments are deemed unofficial.
The Biden-Harris administration has put out regulations on the electric vehicle credit that effectively exclude battery inputs from being subject to any limitations at all. This bill will also ensure none of the components going into the battery are sourced from China.
Finally, this bill will prevent companies from benefiting from this tax break if they merely partner with foreign entity of concern firms without developing any domestic intellectual property or knowledge transfer.
Madam Speaker, I urge my colleagues to vote ``yes'' and to choose American taxpayers over Chinese billionaires. The choice is clear.