Cortez Masto, Schumer, Wyden Introduce Resolution to Reverse Trump Administration Actions that Harm American Businesses, Raise Energy Prices

Washington, D.C. - U.S. Senator Catherine Cortez Masto (D-Nev.), Senate Democratic Leader Chuck Schumer (D-N.Y.), and Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) introduced a resolution under the Congressional Review Act to overturn the Internal Revenue Service's (IRS) recently submitted rule that makes it harder for wind and solar energy companies to claim vital tax credits. This IRS rule adds to the cost of building America's clean energy infrastructure, hurting the United States' ability to meet increased demand for electricity and leading to higher energy prices for working families.

"This eleventh-hour change to IRS guidance is nothing but a blatant attempt to disqualify projects needed to build out our nation's clean energy infrastructure," said Senator Cortez Masto. "For years now, wind and solar companies have been planning their investments into our nation's energy grid, ready to meet our rising demand for energy, create good-paying jobs, and invest in our future. The Republican tax law and this last-minute guidance from the Administration will raise energy prices and chill investment, and Congress must step in."

"Trump promised he would cut energy costs in half. Instead, he has driven prices even higher by hiking taxes on clean energy projects as a handout to his Big Oil buddies," said Leader Schumer. "America should be increasing our energy supply and driving down costs, and instead Trump is putting up nonsensical barriers that halt clean energy projects. There is no reason we should be making it harder to build wind and solar projects that will provide low-cost energy and create jobs. Democrats will keep fighting to deliver lower energy prices for American families."

"Trump's return to office has been a disaster for manufacturing jobs and energy prices in America, and the law Republicans passed effectively raising taxes on clean energy projects caused a lot of that pain," said Senator Wyden. "We're giving the Republicans an opportunity to undo some of the damage they caused in their budget, save a lot of jobs, and get more energy on the grid to bring down prices. If they oppose it, we'll be a weaker and poorer country as we fall further behind on clean energy."

As a result of the Republican tax law, in order to claim the clean energy production and clean electricity investment tax credits, solar and wind companies must begin construction on projects by July 4, 2026. Previous guidance for what was considered 'beginning of construction' included physical work on or off the job site as well as any project in which 5 percent of the total cost had already been spent. Proposed less than a year before the July 4 deadline, the new IRS rule largely revokes the longstanding 5 percent standard. This makes it much harder for projects to benefit from these tax credits, raising the cost of building long-needed clean energy infrastructure.

Senator Cortez Masto is a champion of Nevada's clean energy economy, including hydroelectricity. Earlier this year, Cortez Masto introduced the Lowering Home Energy Costs Act to help everyday Americans lower their energy costs by putting money back into their pockets if they make their homes more energy efficient. Her bipartisan Help Hoover Dam Act, which was recently signed into law, allows the Bureau of Reclamation to access about $50 million in unused, long-stranded funds for Hoover Dam operations, maintenance, and improvement projects. She has also introduced bipartisan legislation to gather information about weaknesses in the electric energy grid and to establish a Critical Minerals Security Alliance.

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