The House of Representatives has passed a significant spending package aimed at rolling back tax credits established under the Biden administration that support wind and solar energy projects in the U.S., particularly in Republican regions. Should the Senate approve the measure, it risks undermining the accomplishments of the Inflation Reduction Act of 2022, which represented a major investment in clean energy. Critics from organizations like the Center for Climate and Energy Solutions indicate that the bill could lead to substantial economic losses and stifle the growth of necessary renewable energy infrastructure.
The House passed a giant spending bill that would roll back tax credits that boosted wind and solar projects across the US, particularly in Republican districts.
This package is really economic malpractice, says Brad Townsend, vice president for policy and outreach at the Center for Climate and Energy Solutions (C2ES).
Based on the previous draft, C2ES and research firm Greenline Insights estimated that restrictions on which projects would be eligible for tax credits would cost hundreds of billions of dollars in lost GDP.
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