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softens tax bill in a positive turn for the US BESS industry","senate-softens-tax-bill-in-a-positive-turn-for-the-us-bess-industry","article/senate-softens-tax-bill-in-a-positive-turn-for-the-us-bess-industry",{"_uid":557,"date":558,"tags":559,"editor":566,"content":576,"excerpt":647,"featured":50,"reporter":648,"_editable":652,"component":653,"seo_title":553,"categories":654,"visibility":661,"author_company":49,"featured_image":662,"seo_description":647,"author_full_name":49,"author_job_title":49,"formattedDate":666,"formattedArticleDate":667},"fbfa2f22-c369-41ee-b562-2c76c687067d","2025-06-18 00:00",[560,563],{"slug":561,"name":562},"ira","IRA",{"slug":564,"name":565},"policy","Policy",[567],{"slug":568,"name":569,"content":570},"matthew-bird","Matthew Bird",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Senior Editor - Supply Chains & Data Visualisation",{"filename":573},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":577,"content":578},"doc",[579,586,595,602,607,612,617,622,627,632,637,642],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583],{"text":584,"type":585},"Following the passing of the Republican “Big Beautiful Tax Bill” in the House, the Senate Finance Committee has released its rewrite of the Bill ahead of an upcoming vote. The rewrite includes a softening of the 48E investment tax credit (ITC) for BESS, retention of the 45X manufacturing credit and a different phase out of the 30D EV tax credit, as well as more flexible foreign entity rules. The alterations have been received positively especially by the BESS industry, but the US EV industry still faces challenges.","text",{"type":580,"attrs":587,"content":588},{"textAlign":49},[589],{"type":590,"attrs":591},"image",{"id":49,"alt":592,"src":593,"title":49,"source":49,"copyright":49,"meta_data":594},"","https://a.storyblok.com/f/287943243085208/e0934ac3af/bm-screenshot-2025-06-18-160201-1344251b8fbb.png",{},{"type":596,"attrs":597,"content":599},"heading",{"level":598,"textAlign":49},4,[600],{"text":601,"type":585},"What are the positives for the BESS and battery industry?   ",{"type":580,"attrs":603,"content":604},{"textAlign":49},[605],{"text":606,"type":585},"In the House version of the Bill, these credits could only be claimed if a BESS project began construction within 60 days of the Bill’s enactment and entered into operation before the end of 2028. The Senate’s rewrite proposes a phase down of the 48E ITC for BESS beginning in 2033.",{"type":580,"attrs":608,"content":609},{"textAlign":49},[610],{"text":611,"type":585},"The Senate proposes keeping the 45X credit in place for battery cell and module production in full through to 2029, before a gradual phase-down from 2030 to 2032. The House had proposed a faster and earlier phase out of the credits, with the full credit available to 2029 and a phase out ending in 2031.",{"type":580,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":585},"Principal Geopolitics Analyst at Benchmark Bryan Bille commented “The draft Senate Committee’s proposal offers some relief for the battery energy storage industry, but overall, the IRA clean energy tax credits are still set to be rolled back heavily through this version.”",{"type":596,"attrs":618,"content":619},{"level":598,"textAlign":49},[620],{"text":621,"type":585},"Foreign entity of concerns rules remain stringent but offer some flexibility",{"type":580,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":585},"The Senate refines foreign entity restrictions by raising ownership thresholds from 10% to 25%. It also outlines meaning of “effective control” by a foreign entity as well as identifying IP and tooling arrangements with foreign entities. In the supply chain, the Senate proposes gradual sourcing requirements, starting with 40% from non-prohibited foreign entities content by 2026, increasing to 60% by 2030. This is more flexible rather than the House’s “all-or-nothing” ban.",{"type":596,"attrs":628,"content":629},{"level":598,"textAlign":49},[630],{"text":631,"type":585},"The 30D EV tax credit phase out proposed to be accelerated",{"type":580,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":585},"The USD7,500 30D tax credit would be phased out for vehicles acquired more than 180 days after the bill’s enactment while the USD4,000 used EV tax credit would be terminated after 90 days. This differs to the House’s proposal to phase it out at the end of 2025, and one year extension for EV makers that have sold under 200,000 units.",{"type":596,"attrs":638,"content":639},{"level":598,"textAlign":49},[640],{"text":641,"type":585},"What’s next for the Bill?",{"type":580,"attrs":643,"content":644},{"textAlign":49},[645],{"text":646,"type":585},"The amended bill now goes to the Senate for a vote, where if passed, goes back to the house for the Senate-House reconciliation process. During the reconciliation process both chambers of congress must agree on a final text which then passed onto the President to be signed into law.","Following the passing of the Republican “Big Beautiful Tax Bill” in the House, the Senate Finance Committee has released its rewrite of the Bill ahead of an upcoming vote. The rewrite includes a softening of the 48E investment tax credit (ITC) for BESS, retention of the 45X manufacturing credit and a different phase out of […]",[649],{"slug":568,"name":569,"content":650},{"job_title":571,"image":651,"bio":574,"linkedin":575},{"filename":573},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fbfa2f22-c369-41ee-b562-2c76c687067d\", \"id\": \"\"}-->","article",[655,658],{"slug":656,"name":657},"ess","ESS",{"slug":659,"name":660},"ev","EV","private",{"id":49,"alt":592,"name":592,"focus":592,"title":592,"source":592,"filename":663,"copyright":592,"fieldtype":664,"meta_data":665,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/16c747abda/bm-adobestock-1377471942.jpeg","asset",{"alt":592,"title":592,"source":592,"copyright":592},"Jun 18, 2025","18th June 2025",[],[],1792773887104]