Public legislative records and announcements from the Treasury Department and IRS

White House Proposes New Green Energy Tax Credits, Biggest Nuclear Push in Five Decades

May 29, 2024, 10:24 PM

The Treasury Department and IRS have proposed new rules on tech-neutral green energy tax credits, set to take effect in 2025. The Biden administration aims to expand these tax credits, traditionally used for solar and wind projects, to cover a broader range of clean energy technologies, including nuclear fission and fusion, according to Reuters. The Treasury's proposed rules outline that wind, solar, and geothermal technologies would qualify for these new zero-emission energy tax credits, as reported by Law360. This initiative is part of the White House's broader ambition to support the development of new nuclear power plants, which are seen as crucial for providing carbon-free electricity and combating climate change. The White House's push for nuclear energy is the most significant in five decades and aims to address rising security costs and competition from cheaper natural gas.