President Trump signed an executive order Monday directing the Treasury Department to pull the plug on regulatory and other guidance projects relating to clean energy tax credit provisions under the Inflation Reduction Act that were revised by the One Big Beautiful Bill (P.L. 119-21).
The order specifically instructs Treasury to “terminate the clean electricity production and investment tax credits for wind and solar facilities” — under Code Sec. 45Y and Code Sec. 48E, respectively — and implement the enhanced Foreign Entity of Concern restrictions signed into law with other tax provisions of the budget reconciliation bill enacted July 4.
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