Market Chatter: Tech Group Reportedly Pleads With Senate to Keep Clean Energy Credits, Loan Guarantees

MT Newswires Live
Jun 10

Microsoft (MSFT), Alphabet's Google (GOOG, GOOGL), Amazon.com (AMZN), and Meta Platforms (META), among others forming the Data Center Coalition, have asked Senate Majority Whip John Thune to preserve existing tax credits and loan guarantees supporting clean energy projects, The Wall Street Journal reported Tuesday, citing a letter from the group it has viewed.

If passed by the Senate without modification, the recently passed House resolution would rapidly phaseout subsidies for solar, wind and other so-called clean energy projects, the Journal reported. Under the House resolution, projects would need to begin construction within 60 days of the bill's enactment and be completed by 2028 to qualify. In contrast, existing law allows a gradual phaseout starting in 2032 or later, depending on when the US power sector's greenhouse-gas emissions fall to a quarter of the 2022 levels, the Journal reported.

The coalition has also discussed the issue with about 30 Republican senators, including Thom Tillis of North Carolina, Lisa Murkowski of Alaska, and John Curtis of Utah, who have expressed support for maintaining the incentives, the Journal reported.

Microsoft, Google, Amazon, and Meta did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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