Bill > HR2838

This bill aims to phase out federal tax credits for wind and solar energy projects over a four-year period by modifying two key tax provisions in the Internal Revenue Code. Specifically, the bill will gradually reduce the Clean Electricity Production Credit and the Clean Electricity Investment Credit for wind and solar energy facilities. In the first year after enactment, these credits would be reduced to 80% of their current value, then drop to 60% in the second year, 40% in the third year, and 20% in the fourth year, ultimately reaching zero percent thereafter. The bill also limits the transferability of these credits, meaning businesses would no longer be able to transfer tax credits specifically related to wind and solar energy projects. These changes would apply to electricity produced or facilities placed in service after the date of the bill's enactment, effectively creating a predictable wind-down of federal financial support for wind and solar energy infrastructure. The bill's stated purpose is to end what its sponsors likely view as intermittent or unsustainable subsidies for renewable energy technologies.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2838/all-info