Next stop: the House of Representatives.
US Senate Democrats on Sunday passed a piece of legislation that addresses climate change and healthcare through new corporate taxes, Bloomberg reported today. Key energy and environment portions could impact the country's sustainability and future.
In a major win for Tesla, Ford, and other electric automakers, the bill created $4,000 in tax credits for lower-income consumers who purchase a used electric vehicle, and up to $7,500 in tax credits for those who purchase a new one. It also provides tax breaks to US residents who use eco-friendly renewable energy sources like solar panels in their homes.
The bill also includes $60 billion in production tax incentives to ensure that more solar panels, wind turbines and other energy products are manufactured in the US. Last but not least, it also created $4 billion in relief funds for states suffering from the ongoing Western draught and will help pay for projects to increase Colorado River levels.
Vice President Kamala Harris cast the tie-breaking vote in order it to pass, and House Speaker Nancy Pelosi has issued a statement that suggests the bill may clear the final hurdle — the House of Representatives — and pass into law.
While heat waves cause power grid instabilities and even some crypto mining rigs to shut down, near record-smashing rainfall trapped 1,000 people in Death Valley National Park over the weekend. The dried out dirt simply couldn't absorb 75 percent of the region's annual rainfall in a single day.
According to the New York Times, the new legislation would be the single largest investment the US has ever made to slow global warming, and that's great.
It's just not clear whether these measures are enough, even if they do miraculously pass.
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