House Passes Bill That Slashes Solar, Wind and EV Tax Credits

The House passed a sweeping Republican tax-and-spending bill Thursday that rolls back major portions of Democrats' 2022 Inflation Reduction Act, dealing a significant blow to clean-energy projects and the electric-vehicle industry. The 218-214 vote sends the legislation to President Trump's desk ahead of his July 4 deadline. The Senate version of the bill gives wind and solar projects 12 months to start construction before losing tax incentives, extending the House's original 60-day window. House Freedom Caucus members had criticized the Senate for offering too generous a timeline for renewable energy tax credits they oppose. The legislation indefinitely extends Trump-era tax cuts while adding new deductions for tipped workers, overtime pay, and car-loan interest. Republicans paired these tax reductions with significant cuts to Medicaid and nutrition assistance programs. The Congressional Budget Office estimates the bill will increase budget deficits by $3.4 trillion through 2034 while leaving more than 11 million additional people without health insurance.

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