The latest version of the OBBBA contains good news for taxpayers, eagles, and rural Americans.
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JUN 29 |
Last November, I published 10 can’t miss predictions about the presidential election. One of my predictions was that if Donald Trump won another term in the White House, he wouldn’t repeal the alt-energy subsidies in the Inflation Reduction Act. I wrote:
The idea that the US will spend trillions on alt-energy projects while the deficit is soaring ($35.8 trillion and counting) is the definition of fiscal insanity. But Big Business is feasting on the subsidies, and the most powerful trade associations in Washington have pledged to fight to continue the handouts. Thus, there’s little reason to expect Trump will be able to eliminate the IRA subsidies even if he wants to.
The other nine predictions are still looking pretty good. But right now, it looks like I was wrong about the IRA subsidies. (Yes, it happens.)
The latest version of the One Big Beautiful Bill Act, which was released by the Senate yesterday, takes a flamethrower to the massive alt-energy subsidies that were passed in 2022 under the IRA. As Reuters explained, the legislation, “will effectively repeal the incentives for solar and wind immediately.” Furthermore, it will impose a tax on wind and solar projects completed after December 31, 2027, if they cannot prove they do not contain any Chinese components. Additionally, tax credits for new, used, and commercial electric vehicles would expire on September 30.(Predictably, Trump’s former DOGE buddy, Elon Musk, doesn’t like this provision.)
To be clear, under the reconciliation process, the OBBBA has a long way to go. It still faces debate in the Senate and must be sent back to the House for further consideration. Nevertheless, if the current version of the bill reaches Trump’s desk and becomes law, it will be good news for taxpayers, wildlife, and rural Americans who are fighting back against the encroachment of massive alt-energy projects.
Source: American Energy Writer Robert Bryce
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Author: brianpeckford
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