Congress Might Eliminate Tax Credits for EVs and Solar Panels. What to Know

This year would be the last for a 30% tax credit for home solar panels and a $7,500 credit for electric vehicles under a budget proposal introduced this week in the US House of Representatives. It's still early in what could be a lengthy and contentious process for the federal budget. The big issue is how President Donald Trump and Republican lawmakers will find enough spending cuts to continue the tax cuts first passed in 2017. Under language added to the budget proposal by the House Ways and Means Committee this week, several tax credits created or expanded in the 2022 Inflation Reduction Act that focus on clean energy would expire after this year. House leaders are eyeing a full vote on the bill by Memorial Day, after which it would head to the Senate. Democrats voiced opposition to ending the credits, which were a key part of President Biden's energy agenda. Some House Republicans, meanwhile, called for even more cuts of energy credits in derailing a House Budget Committee vote o ... Read full article.