Overview

• The Senate Finance Committee approved revisions setting a firm September 30, 2025 expiration for the $7,500 new EV credit and the $4,000 used EV incentive while disqualifying leased vehicles that lack North American assembly and battery sourcing.
• Wind, solar and energy storage projects must now be operational by December 31, 2027 to qualify for production and investment tax credits instead of starting construction by 2025.
• The bill imposes excise taxes on renewable projects using components from China and accelerates the phase-out of residential solar incentives after 2025.
• New provisions expand oil and gas leasing on federal lands, promote coal development and bankroll traditional energy under an “energy dominance” financing title.
• Moderate Republicans, Senate Democrats, clean energy trade groups and Elon Musk criticize the proposal for threatening jobs, raising energy costs and undermining U.S. competitiveness in the global clean-energy transition.