Well, there it is… Monday, The White House issued a new EO Ending Market Distorting Subsidies For Unreliable, Foreign Controlled Energy Sources.
The meat of it:
“Within 45 days following enactment of the One Big Beautiful Bill Act, the Secretary of the Treasury shall take all action as the Secretary of the Treasury deems necessary and appropriate to strictly enforce the termination of the clean electricity production and investment tax credits under sections 45Y and 48E of the Internal Revenue Code for wind and solar facilities…
The Secretary of the Interior shall … revise any identified regulations, guidance, policies, and practices as appropriate and consistent with applicable law to eliminate any … preferences for wind and solar facilities.”
Here is memo from Holland & Knight summarizing the final One Big Beautiful Bill Act (OBBB) changes to green energy and investment tax credits.
Other sources report (I haven’t seen the actual bill language to confirm this directly) that OBBB left 45Q (carbon capture) relatively unscathed, although it did reduce credit values from $85/tonne (sequestration), $60/tonne (utilization/EOR); $180/tonne (DAC sequestration), $130/tonne (DAC utilization/EOR) to $17/tonne for CCUS (all uses) and $26/tonne for DAC (all uses). It is estimated that the 45Q changes will save taxpayers $36.2 billion.
Members can learn more about carbon management here.
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