On Friday, July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (the OBBB), making permanent many of the tax provisions enacted under the 2017 Tax Cuts and Jobs Act and enacting many of the policy objectives of the Trump administration.  The following discussion summarizes at a high level some of the more significant consequences of the OBBB to the wind and solar industry—specifically, to the tech-neutral investment and production tax credits for solar and wind projects under Sections 45Y and 48E (the PTC and ITC, respectively) of the Internal Revenue Code (the Code).  The IRS and Department of the Treasury are also expected to issue additional guidance and regulations to interpret the OBBB.  Among other expected areas of additional guidance, on July 7, 2025, the Trump White House released Executive Order “Ending Market Distorting Subsidies for Unreliable, Foreign Controlled Energy Sources” (the BOC EO), announcing its specific intention to cause Treasury to issue new guidance relating to the Beginning of Construction rules applicable under the ITC and PTC.On Friday, July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (the OBBB), making permanent many of the tax provisions enacted under the 2017 Tax Cuts and Jobs Act and enacting many of the policy objectives of the Trump administration.  The following discussion summarizes at a high level some of the more significant consequences of the OBBB to the wind and solar industry—specifically, to the tech-neutral investment and production tax credits for solar and wind projects under Sections 45Y and 48E (the PTC and ITC, respectively) of the Internal Revenue Code (the Code).  The IRS and Department of the Treasury are also expected to issue additional guidance and regulations to interpret the OBBB.  Among other expected areas of additional guidance, on July 7, 2025, the Trump White House released Executive Order “Ending Market Distorting Subsidies for Unreliable, Foreign Controlled Energy Sources” (the BOC EO), announcing its specific intention to cause Treasury to issue new guidance relating to the Beginning of Construction rules applicable under the ITC and PTC.

Semiconductors are critical components that form the foundation of virtually all modern technologies and industries, including computers, smartphones, consumer electronics, automobiles, and medical devices. Their global importance continues to grow. This blog provides an overview of recent legal developments in the semiconductor markets of Japan and the United States.