{"id":1607170,"date":"2022-08-15T16:10:10","date_gmt":"2022-08-15T20:10:10","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1607170"},"modified":"2022-08-15T16:11:11","modified_gmt":"2022-08-15T20:11:11","slug":"dems-climate-bill-includes-massive-tax-break-for-mining-industry","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dems-climate-bill-includes-massive-tax-break-for-mining-industry\/","title":{"rendered":"Dems\u2019 Climate Bill Includes Massive Tax Break For Mining Industry"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdems-climate-bill-includes-massive-tax-break-for-mining-industry%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1607170&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Democrats\u2019 $369 billion climate spending bill includes tax breaks for the mining industry, an industry that climate activists routinely oppose, to mine \u201ccritical minerals\u201d to accelerate the Biden administration\u2019s renewable energy transition.<\/p>\n<p>The \u201cInflation Reduction Act\u201d will allow U.S. mining companies to write off 10% of their operating costs if they produce any amount of \u201ccritical minerals,\u201d which are materials <a href=\"https:\/\/www.federalregister.gov\/documents\/2022\/02\/24\/2022-04027\/2022-final-list-of-critical-minerals\" target=\"_blank\" rel=\"noopener noreferrer\">critical<\/a> to national security and the economy that are vulnerable to foreign supply disruptions, <a href=\"https:\/\/www.democrats.senate.gov\/imo\/media\/doc\/inflation_reduction_act_of_2022.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to the text of the bill. The section creates a new advanced manufacturing production tax credit, which will apply to each \u201celigible component\u201d manufactured within the United States, and in the case of critical minerals, the tax credit would be equal to 10% of the company\u2019s costs associated with the production of the critical minerals. <strong><a href=\"https:\/\/dailycaller.com\/2022\/08\/12\/spending-dems-huge-bill-raise-taxes\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Here\u2019s What Americans Will Get From The Climate And Tax Bill Democrats Just Passed)<\/a><\/strong><\/p>\n<p>In order to be eligible for the tax break, mining companies must produce at least one of a slew of minerals, including lithium, cobalt and nickel, which are often used to make electric car batteries and batteries used to store solar and wind energy.<\/p>\n<p><span class=\"mf-jss859 mf-jss860\"><span id=\"editable-content-within-article~0~0~0\" class=\"mf-jss861 mf-jss862\">Companies\u00a0<\/span><\/span><span class=\"mf-jss859 mf-jss863\"><span id=\"editable-content-within-article~0~1~0\" class=\"mf-jss861 mf-jss864\">that\u00a0<\/span><\/span><span class=\"mf-jss859 mf-jss865\"><span id=\"editable-content-within-article~0~2~0\" class=\"mf-jss861 mf-jss866\">extract\u00a0<\/span><\/span><span class=\"mf-jss859 mf-jss867\"><span id=\"editable-content-within-article~0~3~0\" class=\"mf-jss861 mf-jss868\">critical\u00a0<\/span><\/span><span class=\"mf-jss859 mf-jss869\"><span id=\"editable-content-within-article~0~4~0\" class=\"mf-jss861 mf-jss870\">minerals\u00a0<\/span><\/span><span class=\"mf-jss859 mf-jss871\"><span id=\"editable-content-within-article~0~5~0\" class=\"mf-jss861 mf-jss872\">on\u00a0<\/span><\/span><span class=\"mf-jss859 mf-jss873\"><span id=\"editable-content-within-article~0~6~0\" class=\"mf-jss861 mf-jss874\">federal\u00a0<\/span><span id=\"editable-content-within-article~0~6~1\" class=\"mf-jss861 mf-jss875\">lands will <\/span><\/span><span class=\"mf-jss859 mf-jss876\"><span id=\"editable-content-within-article~0~7~0\" class=\"mf-jss861 mf-jss877\">pay\u00a0<\/span><\/span><span class=\"mf-jss859 mf-jss878\"><span id=\"editable-content-within-article~0~8~0\" class=\"mf-jss861 mf-jss879\">no <a href=\"https:\/\/dailycaller.com\/2022\/08\/09\/climate-bill-methane-tax-oil-gas\/\" target=\"_blank\" rel=\"noopener noreferrer\">royalties<\/a><\/span><\/span><span class=\"mf-jss859 mf-jss880\"><span id=\"editable-content-within-article~0~9~0\" class=\"mf-jss861 mf-jss881\">,\u00a0<\/span><\/span><span class=\"mf-jss859 mf-jss882\"><span id=\"editable-content-within-article~0~10~0\" class=\"mf-jss861 mf-jss883\">unlike\u00a0<\/span><\/span><span class=\"mf-jss859 mf-jss884\"><span id=\"editable-content-within-article~0~11~0\" class=\"mf-jss861 mf-jss885\">coal\u00a0<\/span><span id=\"editable-content-within-article~0~11~1\" class=\"mf-jss861 mf-jss886\">mining\u00a0<\/span><\/span><span class=\"mf-jss859 mf-jss887\"><span id=\"editable-content-within-article~0~12~0\" class=\"mf-jss861 mf-jss888\">or\u00a0<\/span><\/span><span class=\"mf-jss859 mf-jss889\"><span id=\"editable-content-within-article~0~13~0\" class=\"mf-jss861 mf-jss890\">oil\u00a0<\/span><span id=\"editable-content-within-article~0~13~1\" class=\"mf-jss861 mf-jss891\">drilling, <a href=\"https:\/\/www.democrats.senate.gov\/imo\/media\/doc\/inflation_reduction_act_of_2022.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to the bill. <\/span><\/span>Democrats also included $500 million in funding for the Defense Production Act in the bill which will assist the Biden administration in subsidizing more mineral projects.<\/p>\n<p>President Joe Biden is working to expand the use of renewable energy technologies that require vast amounts critical of minerals, according to a June <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/06\/06\/fact-sheet-president-biden-takes-bold-executive-action-to-spur-domestic-clean-energy-manufacturing\/\" target=\"_blank\" rel=\"noopener noreferrer\">press release<\/a>. Growing international tensions, as well as rising commodity prices and supply chain bottlenecks,\u00a0are encouraging the U.S. to ramp up its domestic acquisition of \u201ccritical minerals.\u201d<\/p>\n<div id=\"rev-more-content\">\n<div id=\"attachment_7502252\" class=\"wp-caption alignnone\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7502252\" class=\"size-full wp-image-7502252\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/2021-04-19T100318Z_1396141324_RC2YYM9ZJZ3J_RTRMADP_3_USA-MINING-RESOLUTION-scaled-1.jpg\" alt=\"\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/2021-04-19T100318Z_1396141324_RC2YYM9ZJZ3J_RTRMADP_3_USA-MINING-RESOLUTION-scaled-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2022\/08\/2021-04-19T100318Z_1396141324_RC2YYM9ZJZ3J_RTRMADP_3_USA-MINING-RESOLUTION-180x120.jpg 180w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/2021-04-19T100318Z_1396141324_RC2YYM9ZJZ3J_RTRMADP_3_USA-MINING-RESOLUTION-620x413-1.jpg 620w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/2021-04-19T100318Z_1396141324_RC2YYM9ZJZ3J_RTRMADP_3_USA-MINING-RESOLUTION-768x512-1.jpg 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/2021-04-19T100318Z_1396141324_RC2YYM9ZJZ3J_RTRMADP_3_USA-MINING-RESOLUTION-1536x1024-1.jpg 1536w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/2021-04-19T100318Z_1396141324_RC2YYM9ZJZ3J_RTRMADP_3_USA-MINING-RESOLUTION-2048x1365-1.jpg 2048w\" \/><\/p>\n<p id=\"caption-attachment-7502252\" class=\"wp-caption-text\">A mine worker walks toward the mine shaft at the Resolution Copper exploratory mine shaft 10 facility in Superior, Arizona, U.S., March 30, 2021. Picture taken March 30, 2021. REUTERS\/Caitlin O\u2019Hara<\/p>\n<\/div>\n<p>Currently, China dominates the rare earth minerals market, accounting for 60% of global cobalt production in 2019, <a href=\"https:\/\/www.iea.org\/reports\/the-role-of-critical-minerals-in-clean-energy-transitions\/executive-summary\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to a 2021 International Energy Agency report. China\u2019s share of mineral refining is also around 35% for nickel, 50% to 70% for lithium and cobalt and nearly 90% for all other rare earth elements.<\/p>\n<p>Previously, environmentalists have worked to <a href=\"https:\/\/dailycaller.com\/2022\/07\/25\/environmentalists-lithium-mine-biden-climate-agenda\/\" target=\"_blank\" rel=\"noopener noreferrer\">halt<\/a> crucial rare earth mineral mining projects despite the fact that they are becoming increasingly necessary for the Biden ambitious administration\u2019s climate plan, which looks to <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2021\/12\/08\/fact-sheet-president-biden-signs-executive-order-catalyzing-americas-clean-energy-economy-through-federal-sustainability\/\" target=\"_blank\" rel=\"noopener noreferrer\">cut<\/a> 65% of carbon emissions by 2030.<\/p>\n<p>The package also provided significant tax breaks and incentives to wind, solar and battery developers which Democrats and climate activists <a href=\"https:\/\/www.sierraclub.org\/sierra\/inflation-reduction-act-buys-us-some-badly-needed-time\" target=\"_blank\" rel=\"noopener noreferrer\">hope<\/a> will slow climate change.<\/p>\n<p>The White House did not immediately respond to the Daily Caller News Foundation\u2019s request for comment.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Democrats\u2019 $369 billion climate spending bill includes tax breaks for the mining industry, an industry that climate activists routinely oppose, to mine \u201ccritical minerals\u201d to accelerate the Biden administration\u2019s<\/p>\n","protected":false},"author":985,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1607170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1607170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/985"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1607170"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1607170\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1607170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1607170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1607170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}