Trump's big bill threatens to raise taxes on clean energy industry by up to $7 billion, trade group says

Core Viewpoint - Senate Republicans are proposing tax increases on clean energy projects and phasing out critical tax credits, which could significantly impact the renewable energy industry and lead to job losses and higher electricity prices for consumers [1][2][3]. Group 1: Tax Implications - A new tax on renewable energy projects will be imposed if components are sourced from foreign entities of concern, primarily targeting China [2][4]. - The proposed legislation will phase out the investment tax credit and electricity production tax credit for wind and solar projects entering service after 2027, threatening to eliminate 300 gigawatts of projects, equating to approximately $450 billion in infrastructure investment [5][6]. Group 2: Job Impact - The construction industry warns that nearly 2 million jobs in building trades are at risk if the energy tax credits are terminated [7]. - The legislation is described as potentially the "biggest job-killing bill" in U.S. history, comparable to terminating over 1,000 Keystone XL pipeline projects [8]. Group 3: Market Reaction - Shares of major renewable energy companies, including NextEra Energy, Array Technologies, Enphase, and Nextracker, experienced declines following the news of the proposed legislation [9]. - Elon Musk criticized the Senate legislation, stating it would destroy millions of jobs and harm the country's strategic interests [10].