President Trump’s policy bill could remake American energy by slashing tax breaks for wind and solar power, and for electric cars, while maintaining federal support for fossil fuels as well as nuclear reactors and geothermal plants.
A solar energy facility outside Las Vegas last month. Under the Senate policy bill passed on Tuesday, companies building wind and solar projects can claim a lucrative tax credit as long as they begin construction within a year of the law’s enactment.
Wind and solar companies were already bracing for Congress to end federal subsidies. But the Senate bill goes even further and penalizes those industries.
For 50 years, automakers have had to increase the fuel efficiency of their vehicles or pay fines. The Republican megabill would set those penalties to $0.
Carmakers that have a history of producing efficient vehicles, like Toyota and Honda, would face competitive pressure from rivals that no longer want to spend on fuel-saving technologies.
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