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**Senate Bill Threatens Renewable Energy Industry with New Tax Penalties**
**Washington D.C.** – A bill currently under consideration in the Senate is raising alarm within the wind and solar energy industries due to provisions that would not only eliminate federal subsidies but also impose a new tax on future projects. The bill, crafted by Senate Republicans, would phase out existing federal tax subsidies for wind and solar power by 2027, potentially halting hundreds of projects and endangering billions of dollars in planned manufacturing facilities.
Beyond ending subsidies, the bill introduces a penalty for new wind and solar farms coming online after 2027, even those not receiving federal assistance. This penalty is linked to complex requirements regarding the disentanglement of supply chains from China, a significant hurdle given China’s dominance in the global renewable energy supply chain. Industry groups warn that this provision could cripple the renewable power sector, especially as electricity prices and demand are on the rise.
“This is how you kill an industry,” said Bob Keefe, executive director of E2, a nonpartisan group of business leaders and investors.
The proposed measures are seen as a direct challenge to the Inflation Reduction Act passed by Democrats in 2022, which aimed to promote renewable energy and reduce reliance on fossil fuels. President Trump has been a vocal critic of climate science and advocate for fossil fuels.
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