Wind and solar energy industries would still be targeted for elimination of tax subsidies but not hydropower, nuclear and geothermal energy under a bill unveiled this week by a Senate Committee.
The Senate Finance Committee, of which Oklahoma U.S. Sen. James Lankford is a member, came out with a draft bill being circulated which calls for a full phase-out of solar and wind energy tax credits by 2028. But the other energy sources, hydropower, nuclear and geothermal would maintain their energy tax credits to 2036.
As Reuters reported, the subsidies for solar and wind supported under the Biden-era 2022 Inflation Reduction Act would be phased out in2026 by reducing the incentives to 60% of value. They would be totally eliminated by 2028. The current law would have them phased out in 2032.
