The U.S. House Ways and Means committee led by Republican leaders has proposed a reconciliation bill targeting the Inflation Reduction Act (IRA). This bill aims to reverse various incentives that have driven over $275 billion in investment into clean energy since the IRAâs enactment. Changes include eliminating electric vehicle tax credits, ending the transferability of clean energy tax credits, and surprising provisions such as removing tax credits for nuclear power generation. Certain technologies, like sustainable aviation fuel, may retain some support, but overall, significant cuts to incentives are anticipated under the new proposal.
"The draft reconciliation bill released by House Republicans aims to dismantle key provisions of the Inflation Reduction Act, including the electric vehicle tax credit and carbon capture incentives."
"The EV tax credit, which has provided consumers significant savings on electric vehicle purchases, is set to be eliminated by 2026, affecting manufacturers that have already reached the cap."
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