US House Passes Bill Eliminating Major Clean Energy Tax Credits by 2026

The U.S. House of Representatives passed the "One Big Beautiful Bill Act," a budget reconciliation bill championed by former President Donald Trump that significantly rolls back clean energy policies established under the Biden administration's Inflation Reduction Act (IRA) of 2022. Key provisions include the accelerated elimination of tax credits for wind, solar, and residential renewable energy projects by the end of 2026 or 2028, vastly curtailing the growth and financing of clean energy infrastructure. The bill also imposes restrictions on foreign entities' involvement in clean energy projects, particularly targeting Chinese participation. Critics warn that these rollbacks will increase greenhouse gas emissions by up to a gigaton by 2035, slow the energy transition, reduce job growth in clean energy sectors, and raise energy costs for American households and businesses. Despite some bipartisan concern and public support for clean energy incentives, the bill passed mainly along party lines, reflecting a sharp policy pivot away from climate change mitigation efforts. Industry leaders and experts have condemned the legislation for undermining economic and environmental progress made in renewable energy development.