A U.S. Senate panel proposed a full phase-out of solar and wind energy tax credits by 2028 but extended the incentive to 2036 for hydropower, nuclear and geothermal energy, which are favored by President Donald Trump's administration,

Senate Republicans released a bill that would end tax credits for wind and solar earlier than for other sources, and make only modest changes to most other incentives, dashing hopes of those seeking relief from major cuts passed by the House.

Shares of solar-power companies were tumbling Tuesday after the U.S. Senate’s proposed a plan to phase out solar tax credits by 2028 as part of President Donald Trump’s so-called big, beautiful budget bill.