President Biden has signed into law the new debt ceiling agreement that he reached with U.S. House of Representatives Speaker Kevin McCarthy (R-CA). The Fiscal Responsibility Act (FRA) suspends — as opposed to raising — the debt ceiling until 2025, after the next presidential election.
The FRA includes rules designed to make it easier for new energy projects, including fossil fuel projects, to obtain permit approval.
More updates on notable provisions addressed tomorrow morning.
Please feel free to reach out to your ELO Tax Advisor for more information or clarity on these changes.