WASHINGTON, June 28 (Reuters) – The latest version of the Senate’s massive budget bill that the Senate is racing through for a vote as soon as Saturday deals a fatal blow to the use of tax credits in place since 2005 to spur more wind and solar energy and would set a new tax on those projects for the first time, renewable energy proponents said on Saturday.
Despite hopes earlier in the week that the Senate would rework the budget megabill’s language about the future use of Inflation Reduction Act tax credits to extend their use and make them more usable, the new version of the bill introduced by Senate leadership overnight will effectively repeal the incentives for solar and wind immediately.