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.

On July 2, 2025, the U.S. Securities and Exchange Commission reached a preliminary settlement with SolarWinds Corp. and its chief information security officer in an effort to resolve a data breach case claiming that SolarWinds defrauded investors by concealing failures in its cybersecurity practices ahead of a major Russia-linked data breach in 2020.

On Friday, July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act, making permanent many of the tax provisions enacted under the 2017 Tax Cuts and Jobs Act (TCJA). An initial draft of the legislation was passed by the U.S. House of Representatives on May 22, 2025 (the Original House Bill). Winston & Strawn’s prior alert regarding key provisions of the Original House Bill can be found here. A revised version of the Original House Bill (the Final Bill) was passed by the U.S. Senate on July 1, 2025, and after overcoming opposition from certain members of the Republican Party, the House voted on July 3, 2025, along party lines, to send the Final Bill to President Trump for signature.