Press Release: Montana Faces Threat from Proposed Clean Energy Tax Credit Cuts
May 22, 2023 – The House of Representatives passed a budget bill that proposes significant reductions to America’s clean energy tax credits, a decision that could have dire consequences for Montana. Experts warn that if this bill becomes law, it could raise energy costs for households, increase pollution, and jeopardize critical economic investments in the state.
Since 2022, Montana has experienced a $2.4 billion boost from clean energy investments, leading to the creation of over 3,000 jobs. Local officials, including mayors and county commissioners, have expressed their strong support for maintaining these tax credits, which have primarily benefited Republican-held districts and facilitated project funding for companies such as Northwestern Energy and NextEra.
If enacted, the proposed cuts could lead to a 7% rise in electricity prices, affect energy manufacturing, and impede future projects, including renewable energy expansions and nuclear discussions in Colstrip. In contrast, retaining these incentives could inject an estimated $8 billion into Montana’s economy and support 5,200 jobs annually from 2025-2035.
With discussions now moving to the Senate, advocates urge Senators Daines and Sheehy to collaborate with their colleagues to safeguard these vital tax credits for the future of Montana’s economy.
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