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The Treasury Department’s General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals  (commonly referred to as the ‘Green Book’), released on May 28, provides explanations of the tax proposals included in the Biden Administration’s fiscal year 2022 budget, also released on May 28.

This PwC Tax Insight focuses on the discussion of the Biden tax proposals related to incentives for clean energy and domestic manufacturing listed in the Green Book under the heading ‘Prioritize Clean Energy.’ 

This wide array of proposals, if enacted, likely would encourage investment in lower-carbon technologies and other elements of infrastructure intended to move the economy toward ESG goals. That result would represent a significant step towards adoption and promotion of these technologies by businesses and individuals, and it would help meet the various climate-related goals adopted by the Biden Administration, including those set forth in the Paris Climate Accords.