On January 9, 2025, the Biden administration announced new tax credits aimed at companies generating clean electricity. The Treasury Department and the Internal Revenue Service published final rules for these investment and production tax credits, which are part of the Inflation Reduction Act passed in 2022.
The tax credits are designed to reduce energy costs for families and promote the adoption of clean energy sources, electric vehicles, energy-efficient buildings, and low-carbon manufacturing. Currently, over 40% of the United States' power is derived from clean energy.
Administration officials stated that these credits will create jobs, address increasing electricity demands, and save Americans significant amounts on their energy bills. The announcement comes just weeks before President-elect Donald Trump takes office, who has indicated plans to reverse many of the current administration's energy policies.
In related news, Meta has appointed three new board members, including Dana White, CEO of the Ultimate Fighting Championship, and auto executive John Elkann. This move aims to strengthen the company's leadership as it navigates ongoing challenges in the tech industry.
Additionally, a merger between Disney's Hulu + Live TV and sports streaming service Fubo was announced, resolving a lawsuit regarding the creation of Venu Sports.