Early on December 11, 2021, the Senate Finance Committee released its version of the Build Back Better Act (the “Act”). While the Senate Finance Committee version of the Act largely replicates the clean energy proposals included in the version of the Act the House passed on November 19, 2021, it does include a few substantive revisions along with clean-up changes to the legislative text. If the Senate passes the Act, as revised by the Senate Finance Committee, the revised legislation will need to be approved by the House.
Our previous coverage of the Act can be found here. As noted in that coverage, the Act would extend the current production and investment tax credits (albeit under a different framework) for projects beginning construction before January 1, 2027. For projects beginning construction in 2027 and beyond, the Act would create a new technology-neutral credit…