U.S. Senate committee holds hearing on tax credits

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The U.S. Senate Finance Committee recently held a hearing to examine tax credits U.S. Sen. Bob Casey (D-PA), a member of the committee, advocated for inclusion in the Inflation Reduction Act.

The tax credits are intended to encourage companies to build and manufacture new energy projects in energy communities, areas with economies formerly or currently dependent on coal, oil, and natural gas. The credits will incentivize the creation of jobs and investment.

“Coal communities are uniquely qualified for new energy jobs,” Casey said. “They have powered the American economy since the Industrial Revolution and Pennsylvania energy workers have the skillset and resources to build new energy and manufacturing projects in coal communities. I fought for these tax credits so that Pennsylvania can continue our storied tradition of powering our nation forward.”

Casey invited Patty Horvatich to explain the impact new energy and manufacturing investment will have on Southwestern Pennsylvania and to testify how the region is well-equipped to compete for investments.

Horvatich is senior vice president for business investment at the Pittsburgh Regional Alliance, an affiliate of the Allegheny Conference on Community Development.

“The tax credits, especially those bonus credits that incentivize investments in former coal communities, will ensure that we can bring increased federal commitments to catalyze investment in these communities,” Horvatich said.