The Biden administration recently unveiled new tax credits for companies that generate clean electricity. These tax credits, part of the Inflation Reduction Act passed in 2022, aim to promote the deployment of clean energy, electric vehicles, energy-efficient buildings, and low-carbon manufacturing. The Treasury Department and the Internal Revenue Service finalized rules for these clean electricity investment and production tax credits just before the inauguration of President-elect Donald Trump.
Currently, the U.S. relies on clean energy sources like solar, wind, hydropower, and nuclear for over 40% of its power. These tax credits are designed to save families money on energy bills and accelerate the transition to cleaner energy sources.
