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1 1 (August 5, 2022)

handle is hein.crs/goveibt0001 and id is 1 raw text is: Congressional ____ ~ * Research Service Inflation Reduction Act of 2022 (IRA): Department of Energy Loan Guarantee Programs August 5, 2022 As posted by the Senate Majority leader on July 27, 2022, the Inflation Reduction Act of 2022 (IRA) would amend, expand, and appropriate money for two loan guarantee programs administered by the Department of Energy's (DOE's) Loan Programs Office (LPO): (1) the Title XVII Innovative Technology Loan Guarantee Program (Title XVII) and (2) the Tribal Energy Loan Guarantee Program (TELGP). Table 1 provides a high-level comparison of these programs under current law. LPO also manages the Advanced Technology Vehicles Manufacturing direct loan program, which the IRA would also amend but is not discussed in this Insight. Background Established by the Energy Policy Act of 2005 (EPACT05 Title XVII, P.L. 109-58, as amended at 42 U.S.C. §§ 16511 et seq.), the Title XVII program has supported projects under two separate loan guarantee authorities with different characteristics (see Table 1). 1. Section 1703 authority is currently active and to date has committed funds to 2 projects, and 2. Section 1705 authority expired in September 2011 and committed funds to 28 projects. The TELGP was also established in 2005 (P.L. 109-58, at 25 U.S.C. §3502(c)). To date, no projects have received funding commitments under TELGP authority. Generally, federal credit programs such as Title XVII and TELGP require that a subsidy cost be paid- through appropriations and/or payment by the borrower-prior to finalizing a loan guarantee agreement. The Federal Credit Reform Act of 1990 (FCRA; Section 13201 of P.L. 101-508) requires that estimated lifetime net costs, which consider default risk and other factors, of new loans and loan guarantees be recorded in the budget year in which the loans are disbursed (2 U.S.C. @661c). The costs of these credit programs, referred to as subsidy costs, are measured on a net present value (NPV) basis-which is the Congressional Research Service https://crsreports.congress.gov IN11984 CRS INSIGHT Prepared for Members and Committees of Congress

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