A Democratic proposal to nix strict IRS rules on beginning of construction for wind and solar projects claiming tax credits failed Wednesday in a 47-53 Senate vote.
The Treasury Department and IRS last August tightened the beginning-of-construction rules for wind and solar projects to qualify for the clean electricity production and investment tax credits created by the Democrats’ 2022 tax-and-climate law. President Donald Trump ordered Treasury to revise the construction rules to appease House conservative holdouts during negotiations to pass the GOP’s 2025 huge tax package.
Senate Minority Leader Chuck Schumer (D-N.Y.), along with Democrat Sens. Catherine Cortez Masto (Nev.), ...