 Energy & Environment |
Energy & Environment |
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Senate releases plans for green tax credit rollback |
The Senate's version of President Trump's "big, beautiful bill" includes changes to green energy tax credits that are more flexible than those passed by the House — but it would still a significant rollback. |
© Michael Sohn, Associated Press file |
This flexibility is likely to please moderates in both chambers who felt that the House version was too stringent. However, it could be teeing up a collision with the conservative House Freedom Caucus, whose board said it will "not accept" Senate changes that "water down" its major cutbacks to the climate-friendly credits. The Senate text appears to eliminate the most stringent provision in the House bill, deleting a measure that would have required climate-friendly energy sources to start construction within 60 days of the bill's enactment to qualify for the credits at all. Instead, things such as solar panels and wind farms would need to begin construction this year to receive the full credit amount. Projects that begin construction in 2026 would get 60 percent of the credit, while projects that begin construction in 2027 would receive 20 percent. Projects constructed in 2028 or later would not be eligible for the credit. This, too, appears to be more flexible than the House text, which required projects to not just start construction but actually be producing electricity by the end of 2028 to qualify for the credit. Nevertheless, the Senate provisions are still a major rollback of the tax credits passed by Democrats in their 2022 Inflation Reduction Act. Under that law, the credits would have lasted until either 2032 or when U.S. emissions from the electric sector are 25 percent lower than 2022 levels, whichever came later. Read more at TheHill.com. |
Welcome to The Hill's Energy & Environment newsletter, I'm Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. |
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How policy will affect the energy and environment sectors now and in the future: |
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Senate Finance Committee Chair Mike Crapo (R-Idaho) on Monday released the Senate's long-awaited version of President Trump's tax agenda, which would make the 2017 corporate tax cuts permanent, cut hundreds of billions of dollars in Medicaid spending and phase out renewable-energy tax cuts enacted under President Biden. |
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President Trump on Friday fired a Democratic member of the Nuclear Regulatory Commission (NRC), which the commissioner says is illegal. |
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With peak wildfire season just around the corner, residents of California and the broader U.S. West are bracing not just for the blazes, but also for ongoing cuts to the federal programs that have long served as lifelines to a region in flames. |
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News we've flagged from other outlets touching on energy issues, the environment and other topics: |
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Two key stories on The Hill right now: |
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The nation's capital on Saturday was overtaken by the sight of tanks rolling down the street and Army helicopters buzzing in the sky for a military parade to mark the 250th anniversary of the U.S. Army. Read more |
| Sen. Amy Klobuchar (D-Minn.) on Monday condemned social media posts from her colleague Sen. Mike Lee (R-Utah) spreading unfounded claims about the man suspected of killing a Minnesota Democratic lawmaker and her husband Saturday morning. Read more |
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You're all caught up. See you tomorrow! |
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