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

For many families, another key source of savings is the child tax credit. Senate Republicans proposed permanently increasing the credit available to parents, which would be set at $2,200 per child, beginning in the 2025 tax year. House Republicans had proposed to bump up the credit to $2,500, but only through 2028.

Senate Republicans plan to modify President Donald Trump’s massive fiscal package to lower maximum deductions for state and local taxes and limit the impact of a “revenge” tax on foreign