Senate moves to gut clean energy tax credits as deal nears
The Senate was close to passing a sweeping GOP bill Tuesday morning that rolls back renewable energy tax credits, adds a new tax on wind and solar, and boosts fossil fuel development.
Amelia Davidson, Timothy Cama, Nico Portuondo, and Garrett Downs report forE&E News.
In short:
- The bill would cut off tax credits for wind and solar projects not operational by the end of 2027.
- A new excise tax targets clean energy projects that use materials from countries like China.
- Credits for nuclear, hydrogen, and geothermal remain, while fossil fuel drilling and permitting are expanded.
Key quote:
“If this passes, it is a death sentence for the wind and solar industries.”
— Sen. Ron Wyden (D-Ore.), Senate Finance Committee ranking member
Why this matters:
Rolling back clean energy support would stall progress on climate goals and raise energy prices. Fossil fuel expansion and regulatory rollbacks would increase health risks from pollution.Keep reading...Show less
