US House tax panel proposes cuts to Biden-era climate subsidies

May 12 (Reuters) - The U.S. House Ways and Means Committee issued a budget proposal that would phase out or cancel lucrative tax credits from former President Joe Biden's signature climate law, according to a draft reviewed by Reuters on Monday.

The proposal, for example, would end a consumer-facing credit for electric vehicle purchases by the end of this year, phase out various key clean energy tax credits for expiry by 2031, and cut short a hydrogen production tax credit, according to the draft.