Here's your Forbes Daily Briefing for Thursday, July 3rd. Today on Forbes, Red States and

AI are big losers from Trump's Clean Energy Massacre. President Trump's one big

beautiful bill act, assuming the version Senate Republicans passed on Tuesday becomes law, would

cut the legs out from under the renewable energy

industry. It's likely that Speaker Mike Johnson and House Republicans will try to make changes

to the bill as they attempt to reconcile their own version and the Senate Republicans' version.

In the Senate Republicans' version, the biggest hit on renewable energy is that the bill would

quickly phase out federal

tax credits that have for years enabled wind and solar developers to offset 30% or more of project

costs. And it could have been even worse. At the last minute, the Senate's Republican leadership

ditched a proposed excise tax on wind and solar projects using Chinese components,

which could have added 20% to the cost of many projects.

But it left in a fast phase-out of the tax credits.

Moreover, there are lots of other anti-green, pro-fossil fuel bullets the industry didn't dodge.

The bill would open more federal lands to oil and gas leasing at lower royalty

rates, end tax credits and other subsidies for electric vehicles, and refill the strategic

petroleum reserve. There's also a new tax break to incentivize mining metallurgical coal,

now to be considered a strategic mineral. Uncertainty and the looming end of federally subsidized tax equity financing

could plunge renewables investing into a deep freeze,

says Sandia Ganapathy,

CEO of Houston-based EDP Renewables North America,

which operates wind and solar plants.

...