Debt Ceiling Deal Avoids Damaging Cuts for Composites
Recent legislation avoided cuts to several incentive programs for key composites markets and protected transportation and infrastructure spending. After a tense negotiation, the House and Senate passed a debt ceiling deal on June 1 that prevented the U.S. government from default and set ground rules for future government funding.
Speaker of the House Kevin McCarthy (R-CA) and President Joe Biden reached an agreement that avoided the repeal of the Inflation Reduction Acts production and use tax credits for renewable energy, hydrogen, and other applications that use composites. Demand for composites in infrastructure, transportation and energy markets has remained strong since these provisions were included in the Inflation Reduction Act in August of 2022.
Additionally, the debt ceiling bill prevents cuts to infrastructure programs, including the bridge formula program, from being used in any mandatory cuts if the House and Senate cannot pass appropriations bills by the end of September.
To learn more, contact Dan Neumann, V.P. Government Relations dneumann@acmanet.org
Composites Included in National Clean Hydrogen Strategy
The Biden Administration noted the benefits to the composites sector in its recently published U.S. National Clean Hydrogen Strategy and Roadmap Composites, both for reducing the carbon footprint of production of fiber and resin, and as a market for composites including high-pressure storage tanks.
The Infrastructure Investment and Jobs Act, or bipartisan infrastructure law, mandated the publication of this report, which must be updated every 3 years. It is designed to provide a snapshot of hydrogen production, transport, storage and use in the United States and provide a path to large-scale clean hydrogen use.
To learn more, contact Dan Neumann, V.P. Government Relations dneumann@acmanet.org