With a new year, comes a new congress. To get you ready for the year ahead and know what to expect, we wanted to simplify it and bring in the experts to share with our audience. Take a look at some of the recent updates that impact our industry and reach out if you want to learn more.
Major Issues Facing the 118 Congress
It is predicted that the US will reach the debt ceiling on 1/26/23. Newly empowered House Republicans have vowed that they will not raise the borrowing limit unless the Biden Administration agrees to deep federal spending cuts. If the US were to default, this would have a profound impact on global markets. Read more here.
Passing a new budget and avoiding a government shutdown
Congress passed a spending bill before the end of the year. The legislation will fund government operations until the end of the fiscal year on September 30. Despite having 9 months, it is already predicted that there could be a government shutdown due to Republicans controlling the House and Democrats controlling the Senate and White House. Read more here.
There was an effort by Senator Manchin to include permitting reform in the spending package that passed before the end of the year. This effort was unsuccessful.
However, this issue may be the best opportunity for Democrats and Republicans to work together. There seems to be some bipartisan consensus on reforming the permitting process specifically for projects related to renewable energy development. Republicans are in favor of less regulation and some Democrats want to see a quicker process to help speed up the deployment of renewable energy projects. Read more here.
Port of LA campaigns to bring back shippers lost amid labor talks
Labor negotiations are still ongoing between the ILWU and West Coast Port owners. However, there is a hope that an agreement could be reached early this year. Read more here.
Implementation of Renewable Energy Tax Credits in the Inflation Reduction Act
The IRS and the Department of Labor have released guidance to help implement the requirements for the renewable energy tax credits that were passed in the Inflation Reduction Act. Below are two web pages to assist developers with navigating these Labor requirements. Read more here.
Apprenticeship requirements can be found here.
Did you enjoy this update? If so, let us know! Thanks to our partner, Tucker McDonald, for sharing his thoughts on the new congress.