Biden administration finalizes clean electricity tax credits for Americans
WASHINGTON (Reuters) - The Biden administration on Tuesday released guidance to help companies secure clean energy tax credits under the 2022 Inflation Reduction Act, finalizing a program to extend subsidies long available for wind and solar to other low carbon sources. The move is part of outgoing President Joe Biden's actions meant to shore up his administration’s broader efforts to fight climate change.
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.
The U.S. currently gets more than 40% of its power from clean energy sources like solar, wind, hydropower and nuclear.
In a rare move, the department also sought to forbid Zovio’s founder from acting as an executive for any institution that receives federal financial aid.
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