The House of Representatives is currently in recess and scheduled to reconvene on Monday, June 23. Meanwhile, the Senate remains in session through Wednesday, actively working on possible changes to the reconciliation bill, titled the "One Big Beautiful Bill Act" (H.R.1). Republican leadership hopes to bring their version of the bill to the floor next week, with an ambitious target to finalize the legislation by the July 4th recess.

We are closely monitoring several key provisions under discussion in the Senate Finance Committee's draft, which was to be released around the time this issue went to print. This includes proposed repeal of home energy efficiency tax credits enacted under the Inflation Reduction Act, revisions to the 45Z tax credit for domestic biofuel production, and potential changes to the cap on State and Local Tax (SALT) deductions. These will not only have a significant impact on our industry but are also playing pivotal roles in the negotiations of the reconciliation package.

Last week, House Republicans narrowly passed H.R. 4, a $9.4 billion recissions package aimed at clawing back what the Trump Administration describes as wasteful spending. The rescissions target a wide range of programs, including $8.3 billion in foreign aid and $1.1 billion in funding for public broadcasting, such as NPR and PBS. It passed by a vote of 214–212, and represents the first major legislative test of the Trump administration's efforts to codify spending cuts recommended by the "Department of Government Efficiency" (DOGE). The bill now moves to the Senate, which if successful could pave the way for additional rescission packages from the White House in the coming months.

As for hearings of interest, the Senate Committee on Energy and Natural Resources will hold a hearing on the Department of Energy's proposed budget for fiscal year 2026 this Wednesday at 10:00 am.