US policymakers passed on Thursday the so-called “One, Big, Beautiful Bill Act” by just one vote, Kallanish reports.
The bill, which is intended to axe support for healthcare and clean technologies to fund $4.5 trillion in tax cuts and a $150 billion boost in defence spending, received 212 votes in favour and 211 against. It was passed before US President Donald Trump’s self-imposed 4 July deadline, after Democratic Minority House Leader Hakeem Jeffries tried to delay the vote with a record-breaking eight hour speech on the floor.
The legislation scraps buyer incentives for new and used passenger and commercial low-emission vehicles from 30 September. Launched under the Biden administration’s Inflation Reduction Act (IRA), they were initially made available until December 2032.
This measure is expected to “hit [EV and battery makers] hard,” says Kenneth Lamont, principal at Morningstar.
The National Mining Association and the Battery Materials & Technology Coalition welcomed the approval, as the bill maintains IRA support for critical minerals and includes metallurgical coal in the critical minerals list.
Another contentious point of the bill was the 45V clean hydrogen production credit, which provides up to $3/kg of hydrogen based on greenhouse gas emissions. While projects built before 2033 were eligible under the initial IRA provision, the One, Big, Beautiful Bill moved the deadline to December 2025 in its first iteration, which was later changed again to 1 January 2028 following intense lobbying.
Representatives of the hydrogen industry warned that eliminating 45V would threaten tens of billions of dollars in investment while essentially enabling China to become the global leader in the sector.
“Extending the commencement of construction date to January 2028… gives the industry an opportunity to advance a significant round of projects that will jump start the US hydrogen market,” comments Frank Wolak, president and ceo of the Fuel Cell and Hydrogen Energy Association.
Source:Kallanish