Accounting
GOP to claw back Biden’s climate law to fund Trump tax cuts
House Republicans plan to help pay for an extension of President Donald Trump’s massive tax cuts by clawing back unused funds from scores of programs and grants in his predecessor’s signature climate law.
Billions of dollars allocated under former President Joe Biden’s Inflation Reduction Act would be rescinded under a portion of Trump’s sweeping tax package released by a key House committee on Sunday. That includes funds channeled to the Energy Department’s $400 billion green bank loan program, and to industrial facilities to help lower their greenhouse gas emissions, according to a GOP summary of the House energy and commerce committee’s portion of the bill.
“The legislation would reverse the most reckless parts of the engorged climate spending in the misnamed Inflation Reduction Act, returning $6.5 billion in unspent funds,” Representative Brett Guthrie, a Kentucky Republican who chairs the committee,
The Republican plan also calls for revoking unused funds from more than a dozen divisions within the Energy Department. The Office of Minority Economic Impact, which helps minorities compete for agency grants and contracts, would see nearly $2.8 billion pulled, while the Office of Energy Efficiency and Renewable Energy, which has funded technological research in projects like plug-in electric trucks, would lose $402 million. Unspent EPA grants for electric trucks, environmental justice, reducing air pollution at schools, and other programs would also be rescinded.
The bill, which is almost certain to be changed by the Senate if it passes the House, would also repeal auto pollution and fuel economy standards, which were finalized by the Biden administration last year, and delay by 10 years the collection of a fee on methane emissions from oil and gas producers.
The legislation would also include $2 billion to help shore up the nation’s depleted Strategic Petroleum Reserve and mandate the Energy Department automatically approve applications to export liquefied natural gas to those that pay a $1 million fee.
The proposal was met with alarm from climate groups like Evergreen Action, which said the plan would make deep cuts to vital clean energy and pollution-fighting programs.
“Republicans are once again siding with corporate polluters and billionaires over working families,” Executive Director Lena Moffitt said in a statement. “This is all so they can offer tax giveaways to the rich and prop up the profits of the fossil fuel industry.”
Ultimately, House Republicans are aiming for a total of $2 trillion in spending reductions paired with a $4.5 trillion in reduced revenue from tax cuts.
Total postsecondary spring enrollment grew 3.2% year-over-year, according to a report.
The National Student Clearinghouse Research Center published the latest edition of its
The report found that undergraduate enrollment grew 3.5% and reached 15.3 million students, but remains below pre-pandemic levels (378,000 less students). Graduate enrollment also increased to 7.2%, higher than in 2020 (209,000 more students).
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Community colleges saw the largest growth in enrollment (5.4%), and enrollment increased for all undergraduate credential types. Bachelor’s and associate programs grew 2.1% and 6.3%, respectively, but remain below pre-pandemic levels.
Most ethnoracial groups saw increases in enrollment this spring, with Black and multiracial undergraduate students seeing the largest growth (10.3% and 8.5%, respectively). The number of undergraduate students in their twenties also increased. Enrollment of students between the ages of 21 and 24 grew 3.2%, and enrollment for students between 25 and 29 grew 5.9%.
For the third consecutive year, high vocational public two-years had substantial growth in enrollment, increasing 11.7% from 2023 to 2024. Enrollment at these trade-focused institutions have increased nearly 20% since pre-pandemic levels.
Jordan Vonderhaar/Photographer: Jordan Vonderhaar/
The Internal Revenue Service has released
The Inflation Reduction Act of 2022 amended Sec. 55 to impose the CAMT based on the “adjusted financial statement income” of an “applicable corporation” for taxable years beginning in 2023.
Among other details, proposed regs provide that “applicable corporation” means any corporation (other than an S corp, a regulated investment company or a REIT) that meets either of two average annual AFSI tests depending on financial statement net operating losses for three taxable years and whether the corporation is a member of a foreign-parented multinational group.
Prior to the publication of any final regulations relating to the CAMT, the Treasury and the IRS will issue a notice of proposed rulemaking. Notice 2025-27 will be in IRB: 2025-26, dated June 23.
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