This is unbelievably bad. I am astonished that the Senate language got WORSE overnight than even the House version. This One Big Horrible Bill will raise energy costs, kill $100s of billions of new investment in energy & manufacturing, make our grid less reliable, increase pollution, and constrain our ability to compete with China for the future or AI. Total loser stuff.
The new Senate draft raises taxes on all wind and solar projects that haven't begun construction today unless they are placed service by end of 2027 and navigate complex, likely unworkable requirements to prove they don't use a drop of Chinese materials. After that, this bill ADDS A NEW tax on wind and solar projects that can't prove the same.
Oh & it does so while killing the tax credits to support domestic manufacturing of wind components at the end of 2027 & adding the same unworkable requirements to the credits supporting US solar & critical minerals. It'll murder our nascent clean energy manufacturing sectors.
Oh and it actually kills the EV tax credits sooner than the House bill: after September 30 this year, rather than the end of 2025 (or 12 months after passage as in the Finance committee draft). This will destroy the battery manufacturing boom taking hold across Republican districts, killing 100s of thousands of good jobs.
Oh, and the cherry on top: this adds a new production tax for metallurgical coal! You read that right: through the end of 2029, met coal producers get a 2.5% PTC. 🤯
This bill kills the industries of the future while subsidizing the industries of the 19th century. It's insanity!
This bill kills the industries of the future while subsidizing the industries of the 19th century. It's insanity!
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