According to foreign media reports, on July 1, local time, the U.S. Senate voted 51-50 to pass President Trump's comprehensive tax cuts and spending bill (known as the "Big and American" bill).
According to Politico , The final version removed restrictions on the use of China-related ," while the report said that according to the latest version of the draft, Solar and wind projects seeking the Inflation Reduction Act tax credit are required to begin construction within one year of the date of enactment of the Act. Projects that start construction after that would need to be in service by the end of 2027 to qualify for the credit. Highlights of the
Senate's final budget bill:
(1) The Residential Owners Tax Credit (25D) expires at the end of 2025;
(2) Investment tax credit for residential rental companies (48 E);
(3) Non-residential solar projects that begin construction less than 12 months after enactment and become operational within four years can still claim the full investment/production tax credit (48E/45Y);
(4) Eliminate the consumption tax on solar projects using Chinese components;
(5) Projects commencing in 2025 are not required to satisfy the Foreign Entity of Concern (FEOC) requirement, However, projects that begin construction in 2026 or later cannot receive "material assistance from prohibited foreign entities";
"Despite limited improvements, the legislation shakes the very foundations of America's manufacturing recovery and global energy leadership.". If this bill becomes law, families will face higher electricity bills, factories will close, Americans will lose their jobs, and our power grid will become weaker.
It is worth noting that due to the Senate's major amendments to the bill, the version passed by the Senate still needs to be re-passed by the House of Representatives before it can be submitted to the President of the United States for signature and become law. Trump called on Congress to pass the bill before July 4.
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