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The so-called Inflation Reduction Act (IRA) – in reality a $749 billion climate and tax law – provides billions of dollars in taxpayer-funded subsidies to the electric vehicle battery industry. Unfortunately, 76 percent of the globe’s electric battery production comes from manufacturers supported or controlled by the Chinese Communist Party. Without additional restrictions, Chinese companies will benefit from the subsidies President Joe Biden claimed would spur domestic manufacturing.
U.S. Senator Marco Rubio (R-FL) introduced the Restricting Electric Vehicle Outlays from Kleptomaniac Enemies (REVOKE) Act of 2023 to significantly restrict the eligibility of IRA tax credits and prevent Chinese companies from benefiting.
“Hard-working Americans should not be forced to subsidize Chinese companies that make batteries for electric vehicles that cost more than most people make in a year.” – Senator Rubio
The Democrats’ partisan climate law contains few meaningful guardrails on how taxpayer subsidies can be spent. Rubio’s legislation would block tax credits from applying to these new, prohibited categories:
A domestic corporation that is controlled by, operated by, or under the substantial influence of a foreign entity of concern, like a state-backed Chinese company;
A domestic corporation that relies on technology via a licensing agreement with a foreign entity of concern;
A foreign corporation organized outside of a covered country (i.e., China, Russia, North Korea, and Iran) but that is 20 percent or more owned by a foreign entity or entities of concern; or
Any member of a joint venture or partnership in which at least one participant is considered a foreign entity of concern.
Flashback … Last month, Rubio sent a letter to the departments of Treasury, Energy, and Transportation seeking assurances that no taxpayer subsidies would go to Chinese recipients – including, notably, to Ford Motor Company’s deal with Chinese national champion Contemporary Amperex Technology Co. Limited (CATL). There has been no response from the Biden Administration.
Looking forward … Rubio will continue to demand answers from the Biden Administration and push for a vote on the REVOKE Act to ensure the Senate is on record.
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February 2023:Rubio: Electric Vehicles Are Trojan Horse for China
February 2023: Rubio Seeks Pledge From Biden For No Federal Dollars To Partnership Between Ford, CCP National Champion
December 2022: Rubio, Gallagher Call Out Biden Admin for Using Taxpayer Funds to Subsidize the Chinese Communist Party’s Human Rights Abuses
August 2022: Rubio On Senate Floor: “There Isn’t A Single Thing In This Bill That Helps Working People”
August 2022: Rubio: Communist China is the biggest threat facing our country and Biden is asleep at the wheel
August 2022: Rubio Says No Tax Credits for Electric Vehicles with Chinese Parts