The ‘Big, Beautiful Bill’ Keeps Most of Joe Biden’s Energy Subsidies
The House of Representatives is fast-tracking the One Big Beautiful Bill Act, which passed the Senate on Tuesday. While lawmakers have attempted to hide the true cost of the bill with budgeting gimmicks, the bill is expected to add as much as $3.9 trillion to the federal deficit over the next decade and $270 billion next year alone.Â
While the bill’s price tag should be enough for Congress to rebuff it, the carve-outs and subsidies of the legislation warrant a vote against the bill, especially its provisions for energy.Â
The Senate-passed version of the bill keeps tax credits for advanced nuclear power, geothermal, batteries, and hydropower that were passed in the Inflation Reduction (IRA) “for nearly a decade,” reports Heatmap News. “The credits would start phasing down for projects that start construction in 2034 and terminate in 2036.” Additionally, the Senate introduced a provision that will allow the coal used in steelmaking to qualify for federal tax credits. However, most of this coal is exported, so the bill will effectively subsidize other nations’ steel industries, per Heatmap.
Wind and solar projects will also get a reprieve. The House-passed version of the bill eliminated subsidies for these sources beginning in 2028. While the Senate version would end these credits “abruptly with no phase-out period,” according to Heatmap, it includes a stipulation that allows projects to cash in on these credits as long
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