The House Ways and Means Committee unveiled legislation Monday to eliminate or phase out tax incentives from the Democrats’ 2022 climate law.
The bill is the cornerstone of a package meant to implement large parts of President Donald Trump’s legislative agenda. Republicans are using the budget reconciliation process to bypass the Senate filibuster.
The new bill includes axing the electric vehicle consumer tax credit for new and used cars by the end of the year and terminating the hydrogen fuel production credit by the end of the year.
The Ways and Means legislation would phase out the nuclear power and advanced manufacturing production tax credits by 2031, and add new domestic sourcing requirements to prevent foreign adversaries like China from accessing the incentives.
