The House Ways and Means Committee Tuesday evening approved legislation supporters say would counter China’s growing global economic influence by restoring US business competitiveness, securing global supply chains and prohibiting U.S. foreign land sales to companies from countries of concern – particularly China.
The Build It in America Act also would repeal the tax credits for the purchase of electric vehicles in the Inflation Reduction Act.
The measure passed on a party-line vote, with Democrats strongly opposed to the EV tax credit repeal.
One provision in the bill that does have bipartisan support is the proposal to deter purchases of US agricultural land from “countries of concern,” including China, Russia and Iran. It would impose a 400 percent real estate excise tax on such purchases.
China’s reported holdings of farmland are said to be 384,000 acres and that acreage has grown by more than 50 percent since 2019, according to the committee.
Separately, the Treasury Department yesterday released guidance on key provisions in the IRA to expand the reach of the clean energy tax credits and help build projects more quickly and affordably.
The guidance relates to the IRA’s credit delivery mechanisms.
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