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Biden's Climate Law Faces Critical Test as Tax Credits Begin

share-iconWednesday, January 08 comment-icon2 weeks ago 9 views
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nytimesNYTIMES
Biden's Climate Law Faces Critical Test as Tax Credits Begin

Credited from: NYTIMES

  • In January 2025, the federal government will introduce new tax credits aimed at supporting various renewable energy sources such as wind, solar, nuclear, and more.
  • These technology-neutral clean electricity tax credits were part of the 2022 Inflation Reduction Act, designed to significantly cut greenhouse gas emissions.
  • Projected to cost over $250 billion over the next decade, these tax incentives are at risk of repeal under the new Congress.
  • Former President Trump has criticized clean energy subsidies, pledging to halt wind turbine projects if elected.
  • The effectiveness of these credits depends on their survival against opposition in Congress, marking a crucial test for Biden's climate policy.

For more details, read the full article here.

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Gloria Terra

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