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yesterday

House Republicans Pass Bill Rolling Back Key Clean Energy Tax Credits

The legislation, which now heads to the Senate, accelerates the expiration of solar and wind tax incentives, causing market turmoil and threatening nearly one million jobs.

The Kayenta Solar Plant in Arizona, one of the many clean energy projects made possible with federal financing.
Speaker of the House Mike Johnson, a Republican from Louisiana, arrives at a House Rules Committee meeting on the One Big Beautiful Bill Act at the U.S. Capitol on May 21, 2025. The House passed President Trump’s tax reform package overnight. (Photo by Kevin Dietsch/Getty Images)
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Speaker Mike Johnson, wearing a dark blue suit, walks towards reporters flanked by members of the House.

Overview

  • The House passed a bill dismantling major clean energy tax credits from the 2022 Inflation Reduction Act, including residential solar and utility-scale project incentives.
  • Solar stocks plummeted, with Sunrun down over 35%, as the bill imposes restrictive timelines and disqualifies leasing companies from tax benefits.
  • The legislation requires renewable projects to begin construction within 60 days of enactment, a near-impossible deadline for most infrastructure projects.
  • Provisions exclude projects tied to foreign entities, potentially affecting developers reliant on global supply chains, particularly those connected to China.
  • The bill includes a carveout for new nuclear reactors but forecasts suggest nearly 977,000 jobs and $177 billion in GDP losses if the rollback proceeds.