Trump Signs Massive Budget, Tax Cut Bill

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Researched by Industrial Info Resources (Sugar Land, Texas)--President Donald Trump on Friday signed the "One Big Beautiful Bill."

Lots of interest groups had things to say last week after the massive Republican budget and tax cut bill cleared the House of Representatives Thursday by a vote of 218 to 214 after a lengthy round of contentious talks and negotiations.

The bill is the Senate's version of the measure, which cleared that legislative body earlier last week.

Among other things, the measure takes swipes at the clean energy tax credits that were enacted during former President Joe Biden's term, but includes a subsidy for the production of metallurgical coal (met coal). For more on that, see July 2, 2025, articles - Senate Tax Bill Includes Metallurgical Coal Subsidy and Senate Bill Tightens Deadline on Renewable Energy Production Tax Credit.

Pro-fossil-fuel groups heaped praise on the One Big Beautiful Bill Act (OBBBA), while renewable energy groups pilloried it with scorn.

National Ocean Industries Association (NOIA) President Erik Milito said, "With President (Donald) Trump's signature, OBBBA will restore certainty to the offshore oil and gas leasing process, bringing back the predictability that unlocks investment, protects affordable energy, and strengthens our national security."

On the other hand, "Recent changes to the tax code continue to create unnecessary headwinds for offshore wind and for the shipbuilders, ports, and manufacturers that support it," Milito said. "Offshore wind is part of the solution to surging power demand and to our global competitiveness with China. NOIA will keep working with both parties to build support for stronger tax certainty and to advance lasting, broad-based permitting reform."

American Petroleum Institute (API) President and Chief Executive Officer Mike Sommers said, "Congress has taken decisive action to advance President Trump's energy dominance agenda by passing pro-growth tax policy. This historic legislation is a win for American-made energy, consumers and the workers who power our economy."

National Mining Association (NMA) President and Chief Executive Officer Rich Nolan said, "The provisions in the One, Big, Beautiful Bill support today's mining industry which stands ready to create additional jobs and revenues for our economy, provide the minerals and materials to secure our manufacturing and defense supply chains, and generate the power to enable the technologies of the future.

On the renewables side, American Clean Power Association (ACP) Chief Executive Officer Jason Grumet said Thursday's House vote "is a dramatic swing in federal policy, disrupting the good faith investments of American companies that are powering our economy and creating hundreds of thousands of jobs. The legislation restricts energy production, raises prices for American businesses and families, and challenges the reliability of our existing electric grid."

Grumet said utility-scale clean power capacity already exceeds 320 gigawatts (GW) nationwide.

The Princeton University ZERO Lab issued a report last week that said the bill would raise annual U.S. household and business energy expenditures by more than $50 billion in 2035, and would cut cumulative capital investment in U.S. electricity and clean fuels production by $500 billion from 2025 to 2035.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).