Tax credits for clean energy and home energy efficiency would still be phased out, albeit less quickly, under Senate Republicans' latest proposed changes to a massive tax bill. Electric vehicle incentives and other provisions intended to move the United States away from fossil fuels would be gutted rapidly.

U.S. Senate Republicans on Monday proposed a tax bill that would extend a clean fuel tax credit through 2031, but trim 20% of the value of the credit for biofuels made from feedstocks produced outside of the United States.

If enacted, Republicans’ draft legislation would mean that President Biden’s signature climate legislation would effectively be neutered.