US EditionTax bill passed by House Republicans would gut Biden-era clean energy tax credits
UNITED STATES, MAY 22 – The GOP bill phases out clean energy tax credits by 2028, risking 292,000 jobs and $220 billion in investments, according to the Solar Energy Industries Association.
- House Republicans passed a multitrillion-dollar tax breaks package last week that would eliminate or phase out Biden-era clean energy tax credits and impose program cuts.
- The bill follows Biden's 2022 Inflation Reduction Act, which had been seen as a major step for renewable energy, but it now faces opposition including from senators urging continuation of energy tax credits.
- Legislators removed a measure that aimed to transfer roughly 460,000 acres of public territory in Nevada and Utah to local authorities or private parties amidst discussions about land management and housing demands.
- The legislation reduces funding in several areas including food aid programs, student loan support, Medicaid, and efforts to combat climate change, while 15.4% of rural households faced food insecurity in 2023, prompting advocates to call for improvements to SNAP benefits.
- The bill's passage signals a shift toward traditional energy sources and spending cuts but may introduce job creation uncertainty in the energy sector and affect clean energy investments and rural food assistance.
281 Articles
281 Articles
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