"Wouldn't it be a tragedy?" State officials consider drastic measures in response to 'Big Beautiful Bill': 'There is no sugar-coating this' first appeared on The Cool Down.

Republicans in Congress have advanced a bill cutting clean energy tax credits, and the industry is bracing for the impacts.

Trump’s legislation will hurt clean energy, boost fossil fuels and end investment in environmental justice. Climate advocates vow to continue the fight.

"On Long Island, the messaging battle will take place over SALT," said Levy, referring to the $10,000 cap on state and local tax deductions that was approved by the Republican congressional majority in 2017 and raised to $40,000 through 2029 under the current bill.

If the "One, Big, Beautiful Bill" is passed, the new EV tax credit and used electric vehicle tax credit ($4,000) could be completely phased out in the future.

The Big Beautiful Bill includes "Money Account for Growth and Advancement" accounts or MAGA accounts. It's a tax-advantaged account with $1,000 that grows tax-free until a child turns 18.