The IRA has had a transformative impact on U.S. manufacturing, according to the Rhodium Group.
Tax credits under the Inflation Reduction Act have led to a boom in new manufacturing projects in the U.S.The presidential election is creating uncertainty about the future of those projects, with some investors worried a Republican victory could weaken the IRA.
Some 271 manufacturing projects for clean energy tech and electric vehicles have been announced since the IRA passed, which will create more than 100,000 jobs if they are all completed, according to the, a partner of the National Resources Defense Council. The investments sparked by the IRA have been a boon for rural communities in particular, Houser said.
Former President Donald Trump has threatened to dismantle the law as he advocates for more oil, gas and coal production. The fear among some investors is that Republicans would will use the reconciliation process, through which bills can be passed with a simple majority, to roll back the IRA in order to finance making Trump's 2017 tax cuts permanent.
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