Harris backs minerals stockpile, permitting reform, climate-friendly tax credits
Laying out her economic agenda this week, Vice President Harris backed increasing domestic minerals production and creating a minerals stockpile.
A press release from her campaign said that it would invoke war-time authority under the Defense Production Act to build stronger mineral supply chains and reduce dependence on China.
In a plan posted to her website, Harris also backed an “America Forward tax credit” that benefits various industries, including many with the potential to combat climate change.
This tax credit would go toward projects including reducing emissions from steel and iron production, creating new sustainable materials, expanding climate-friendly energy manufacturing and bolstering the semiconductor industry.
Under the plan, these credits would also benefit biotechnology and medicine, data centers for AI and aerospace, autos and other forms of transportation.
These tax credits would include “additional benefits” for investments made in longstanding manufacturing, farming and energy-producing communities. In the transition to lower-carbon fuels, concerns have been raised about workers in places that have historically produced fossil fuels.
Additionally, Harris said that the nation needs to speed up its approval for infrastructure, backing a suite of policies known as “permitting reform” that aim to make the nation build faster.
Permitting reform has been a hot topic in Washington, with lawmakers currently considering legislation aimed at speeding up new energy projects. Opponents of such efforts have raised concerns that environmental reviews will be weakened in the process.
The plan released by the Harris campaign also calls for more energy production in a section on lowering energy costs. It does not specify whether that includes more fossil fuel production, though in the past Harris has touted the record oil production that has occurred under the Biden administration.
The release of the plan comes about two months after Harris entered the race upon President Biden’s announcement that he would not seek reelection.
In that time, critics have called for more detailed policy proposals from the vice president. This plan marks significantly more detailed information than she had previously released.
Some of the policy proposals Harris has called for would require the support of Congress, while it looks increasingly likely that Democrats will lose the Senate. Tax credits in particular cannot be unilaterally issued by a presidential administration.