New tax credits are available for companies that generate clean electricity, the Biden administration announced Tuesday, while arguing it would be a mistake for President-elect Donald Trump to try to undo them.
The Treasury Department and the Internal Revenue Service released final rules for the clean electricity investment and production tax credits, less than two weeks before Trump is inaugurated. The credits are among roughly two dozen tax provisions in the Inflation Reduction Act,passed in 2022 with only Democrat support. The credits are designed to save families money on their energy bills and accelerate the deployment of clean energy, electric vehicles, energy efficient buildings and low-carbon manufacturing.
