Chuck Grassley: “On July the Fourth, President Trump signed into law the One Big Beautiful Bill Act. The centerpiece of this legislation…”

“On July the Fourth, President Trump signed into law the One Big Beautiful Bill Act. The centerpiece of this legislation is a permanent extension of the 2017 tax law, thereby averting the largest tax hike in American history without a vote of Congress. In addition to this, the bill rolls back the Biden administration's Green New Deal. This includes pairing back supercharged green subsidies enacted by my Democrat colleagues as part of the so-called Inflation Reduction Act. I have long been a strong proponent of developing alternative energy resources as part of an all the above energy strategy. I am proud to be the original author of the wind production tax credit. When Congress enacted that credit in 1993, less than one-tenth of 1 percent of U.S. electricity production came from wind. Today, it is over 10 percent. And in my home State of Iowa, it is over 60 percent. Wind development has been an unquestionable success. My view has always been that tax incentives intended to spur fledgling industries shouldn't last longer than necessary. That is why in 2015 I worked with both the wind and solar industries to phase out their credits over a period of years. Unfortunately, the Democrats so-called Inflation Reduction Act reversed course and supercharged these credits once more. As part of the One Big Beautiful Bill, much like I did in 2015, I worked with my colleagues to provide wind and solar an appropriate glidepath for the orderly phase-out of the tax credits.”