Latest news with #GreenNewScam
Yahoo
3 days ago
- Business
- Yahoo
Florida's solar boom could face federal road block if tax credit eliminated
The Brief Florida just became No. 2 in the U.S. for solar power capacity, surpassing California. A federal budget bill may soon eliminate the 30% tax credit homeowners get for installing solar panels. The bill has passed the House and is now in the Senate, where solar advocates hope key changes are made. TAMPA, Fla. - Florida has seen a massive surge in solar energy, with the state now producing enough solar power to run more than 2 million homes. Nearly 30,000 homeowners installed solar panels this year, taking advantage of a 30% federal tax credit that offsets costs — often saving homeowners thousands of dollars. What we know But that incentive is now at risk. A large federal budget bill coined the "Big Beautiful Bill" moving through Congress includes provisions to eliminate the solar tax credit entirely. The legislation has already cleared the House and is expected to pass the Senate this month. Follow FOX 13 on YouTube What they're saying Solar advocates like Stephen Smith, the CEO of the Southern Alliance for Clean Energy, warn the move could devastate the solar industry. "Are we really going to, as a nation, just destroy what is one of the biggest booms in clean energy?" Smith said. "It's really just going to kneecap the solar industry in Florida, pull the rug out from under the ability for solar to continue to grow, particularly in the residential sector." The other side The push to cut the solar tax credit comes as part of the Trump administration's broader effort to dismantle pieces of the Green New Deal, which was backed by former President Joe Biden. READ:State testing for possible blue-green algae at Lake Crago in Polk County "I will stop Biden's trillions of dollars in wasteful spending and rapidly terminate the Green New Scam," President Trump has said. The White House press secretary echoed that this year, saying cutting this funding would save Americans tens of millions of dollars. The Source The information in this story was gathered by FOX 13's Evyn Moon. WATCH FOX 13 NEWS: STAY CONNECTED WITH FOX 13 TAMPA: Download the FOX Local app for your smart TV Download FOX Local mobile app:Apple |Android Download the FOX 13 News app for breaking news alerts, latest headlines Download the SkyTower Radar app Sign up for FOX 13's daily newsletter
New York Post
21-05-2025
- Business
- New York Post
Speaker Johnson vows to forge ahead with ‘big beautiful bill' vote with GOP budget hawks on fence
WASHINGTON — House Speaker Mike Johnson (R-La.) planned to move forward with a vote as early as Wednesday night on President Trump's 'big beautiful bill' following what Johnson called a 'productive' meeting with Republican holdouts at the White House — despite several not committing to backing the legislation. 'The plan is to move forward as expected,' Johnson told reporters after returning to Capitol Hill. 'I think that all of our colleagues here will really like this final product and I think we're going to move forward.' 'We can resolve there concerns and it will be probably some combination of work by the president in these areas as well as here in Congress,' he added. 'There may be executive orders.' 5 'The plan is to move forward as expected,' House Speaker Mike Johnson (R-La.) told reporters after returning to Capitol Hill. REUTERS 'The meeting was productive and moved the ball in the right direction,' agreed White House press secretary Karoline Leavitt. 'The president reiterated how critical it is for the country to pass the One Big Beautiful Bill as quickly as possible.' Members of the arch-conservative House Freedom Caucus have objected to Medicaid changes not taking effect until 2029 — and hundreds of billions of dollars' worth of green-energy tax credits from former President Joe Biden's Inflation Reduction Act not being put on the chopping block. Four Republicans — Reps. Chip Roy of Texas, Ralph Norman of South Carolina, Andrew Clyde of Georgia and Josh Breechen of Oklahoma — delayed the bill's passage out of the House Budget Committee last week to make their complaints known before allowing it through two days later. Since then, many House conservatives have withheld their plans for the vote until a series of so-called manager's amendments are introduced with their preferred adjustments, which House Majority Leader Steve Scalise (R-La.) expected to take place later Wednesday. 5 Rep. John Rose (R-Tenn.) tweeted Thursday afternoon that he wouldn't vote for the bill. REUTERS Other House Republicans have made their discontent public. 'I am a 'NO' on the reconciliation bill in its current form,' Rep. John Rose (R-Tenn.) tweeted Thursday afternoon. The setback came amid intense deliberations with White House officials as well as more moderate rank-and-file factions — including Reps. Elise Stefanik (R-NY), Mike Lawler (R-NY), Nick LaLota (R-NY), Young Kim (R-Calif.) and Tom Kean (R-NJ), who have led calls for a higher cap on state and local tax (SALT) deductions. Trump himself slammed the Biden-era tax incentives as part of a 'Green New Scam' and urged House Republicans Tuesday to pass it without further altering Medicaid or tweaking a $30,000 SALT deduction limit. 5 President Trump slammed the tax incentives as part of a 'Green New Scam' and urged House Republicans Tuesday to pass it without too much tinkering to Medicaid or a $30,000 increase in State and Local Tax (SALT) deductions. AFP via Getty Images 'In the last 24 hours, there was a little SALT deal made, and I don't think it went in the right direction,' Freedom Caucus Chairman Andy Harris (R-Md.) said earlier Thursday, 'but the White House offered a proposal late last night that I think fulfills the other two parts of what the president talked about.' 'There's broad agreement in the House Freedom Caucus that if that's included in the package, I think this package is on route to get passed,' he added. 'The runway is short for today. The leadership's gonna have to figure out, you know, where to go from here.' 'Fourteen years ago, I was diagnosed with cancer, and one of the reasons I ran for Congress was to deal with our very badly broken health care system,' Roy told reporters Thursday. 'The vulnerable Americans are on waitlists because we've got a broken [Medicaid] system that rewards the able-bodied over the vulnerable.' 5 House Republicans can only afford three defectors if all members are present to vote on the package, which comprises a roughly $4 trillion tax cut extension from Trump's first term. Getty Images 'For the bill to move off of the floor, these issues have to be addressed,' he said. 'It has massive deficits in the first five years because we're not addressing the structural reform that we're talking about right here, including very specifically eliminating the 45% of the subsidies under the Green New Scam that continue.' House Republicans can only afford three defectors if all members are present to vote on the package, which comprises a roughly $4 trillion extension of Trump's 2017 tax cuts, no taxes on tips, no taxes on overtime pay, and increased defense and border security funding. Reconciliation allows the bill to be voted through by a simple majority so long as only the debt ceiling, revenue and spending levels are changed. 5 'There may be executive orders,' Johnson said to complement the reconciliation package. Getty Images The GOP holds 220 seats in the House, compared with Democrats' 212 following the death early Wednesday of Rep. Gerry Connolly (D-Va.). The House Rules Committee was still debating the legislation Wednesday evening and had yet to issue updated amendments codifying any changes.
Economist
21-05-2025
- Business
- Economist
What happens if the Inflation Reduction Act goes away?
'IT'LL BE somewhere between a scalpel and a sledgehammer,' was how Mike Johnson, speaker of the House, described the emerging Republican approach to the Inflation Reduction Act (IRA), Joe Biden's signature climate law. Pressure from companies and congressmen with clean-energy projects benefiting from its subsidies in their districts (most are found in Republican counties) suggested surgical precision would prevail. But relentless pressure to abolish the IRA from the president, who is a fan of drilling, baby, drilling and denounced the law as the 'Green New Scam,' pointed instead to brute force. The president reinforced this by dropping in on a private party caucus on May 20th to strong-arm waverers and threaten dissenters with a MAGA primary challenge. 'They won't be Republicans much longer…they'd be knocked out so fast,' he declared.
Yahoo
20-05-2025
- Business
- Yahoo
Solar stocks slip as conservatives fight to end IRA tax credits sooner
Shares of several solar energy companies are slipping on Monday after conservative Republican lawmakers said they had secured a commitment from leadership to end key clean-energy tax credits earlier than planned as part of a deal aimed at allowing President Donald Trump's tax and spending package to advance. South Carolina Representative Ralph Norman said House leadership had agreed to a proposal to end Inflation Reduction Act tax credits earlier than Republicans' original proposal, though Norman didn't provide a new timeframe. In a post to X, Norman stated: 'After last night's budget vote, we made some progress. Yes, we're moving up Medicaid work requirements. Yes, we're putting an end to the Green New Scam subsidies. There are several bites at the apple, but more to be done. We have worked tirelessly to ensure President Trump's America First agenda is maximized in this bill. The US credit rating being downgraded is evidence of how our fiscal house is out of order. The American people deserve better, and it's high time our colleagues step up, get serious, and deliver the bold reforms this country needs.' Sunrun (RUN) fell as much as 8% Monday, while Enphase Energy (ENPH) was down as much as 5% and First Solar (FSLR) declined nearly 7%. Other publicly traded companies in the space include Array Technologies (ARRY), Canadian Solar (CSIQ), Emeren (SOL), FTC Solar (FTCI), JinkoSolar (JKS), Maxeon Solar (MAXN), Shoals Technologies (SHLS), SolarEdge (SEDG) and SunPower (SPWR). Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on SOL: Disclaimer & DisclosureReport an Issue U.S. puts tariffs up to 3,521% on Southeast Asia solar imports, Bloomberg says Exxon, Occidental projects at risk due to DOGE cuts, WSJ reports PayPal (PYPL) Partners with TerraPay for Faster Payments in the Middle East Emeren Group CEO Transition and Financial Update Lululemon reports Q4 beat, CoreWeave IPO priced at $40: Morning Buzz
Yahoo
20-05-2025
- Automotive
- Yahoo
Charging installations drop as Trump ramps up attacks on EVs
(Bloomberg) — Installation of high-speed chargers across the US fell by more than 21% in the first quarter compared to the year-earlier period, according to an analysis of Energy Department data. America, 'Nation of Porches' NJ Transit Train Engineers Strike, Disrupting Travel to NYC NJ Transit Makes Deal With Engineers, Ending Three-Day Strike And with House Republicans proposing ending Inflation Reduction Act tax credits for buyers while the Trump administration rolls back auto emissions standards, it threatens to create a negative feedback loop of fewer charger installations and lower EV adoption. Such an outcome risks setting the sector back to trying to rev up EV sales with middling installation growth rather than rapid expansion that would give buyers the confidence they'd be able to find electrons. 'The uncertainty has automakers scaling back EV investments,' BloombergNEF analyst Ash Wang said in an email. She added that 'if we continue in this direction, BNEF's outlook for annual US charger installations in 2030 could be adjusted downward by 30% or more.' The group has already reduced its cumulative estimate for US charging installations to 285,000 from 360,000 this year due to the threats to EVs. The IRA, signed by former President Joe Biden in 2022, offers tax credits of up to $7,500 for EV buyers. Wood Mackenzie analyst Emil Koenig said his firm's charging projections are based on the EV tax credit since it's still in place, though WoodMac still lowered its charging outlook compared to last year. Some Senate Republicans have indicated they'll rewrite parts of the House proposal, so the tax credit may still survive. But its removal would 'materially affect our forecast,' Koenig said. The bipartisan infrastructure law also set aside $5 billion to build out charging infrastructure. But some states have suspended charging projects tied to that pot of money after the Trump administration paused implementation. 'President Biden's ridiculous EV initiative promised much but delivered nothing, leaving American taxpayers to cover the cost of crony deals that enriched the Democrats' base,' White House spokesman Harrison Fields said in response to questions about the slowdown in charging infrastructure. 'President Trump was elected to dismantle the Green New Scam, and he is fully committed to doing so.' A spokesman for Biden didn't immediately respond to an email seeking comment. The US currently has more than 208,000 public ports, according to the Energy Department. Additions are moving too slowly to meet EV demand, according to BNEF, with about 174,000 average installations required annually to keep up with its 2030 projection under a scenario that assumes no further energy policies are put in place globally. Halting government support for charging will deter investments in the sector, leading to plug scarcity and directly impacting EV ownership, according to an analysis by S&P Global. Analysts are also closely watching how Trump's tariffs will impact both EV sales and charging. About 35% of EVs sold in the US last year were imported, and vehicles assembled locally with parts sourced overseas may see prices jump due to tariffs. That will keep price-sensitive buyers away, according to WoodMac. Tariffs could delay the rollout of EVs in the $25,000 range, said Koenig. 'These low-cost vehicle models will be pivotal for broader EV adoption and charging infrastructure deployment, so any delay would also materially set back the adoption curve.' —With assistance from Arvelisse Bonilla Ramos, Kyle Stock and Hadriana Lowenkron. Why Apple Still Hasn't Cracked AI Anthropic Is Trying to Win the AI Race Without Losing Its Soul Microsoft's CEO on How AI Will Remake Every Company, Including His Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race ©2025 Bloomberg L.P. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
