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A Republican tax plan seeking to cut clean-energy subsidies includes provisions that threaten to cripple the incentives before they even end. Little-noticed restrictions in the legislation would disqualify companies from claiming key tax credits if they use components, “subcomponents” or critical minerals imported from nations including China, Russia and North Korea. Because much of the U.S. solar and battery industry relies on materials from China, critical manufacturing credits would be unusable well before their official sunset date. The new rules also apply to credits for nuclear, carbon capture, geothermal, heat pumps and biofuels.The move would constitute “a complete death” for energy projects…

Two New York Republicans signaled that the cap on the state and local tax deduction may rise to as much as $80,000 as GOP lawmakers from high-tax states demand a boost in exchange for their votes on President Donald Trump’s tax package. Representative Nicole Malliotakis said Wednesday there’s an “opportunity” to grow the $30,000 state and local tax deduction cap offered by House GOP leaders in negotiations, potentially to as much as $80,000 for couples and $40,000 for individuals. Fellow New York Republican Nick LaLota told Bloomberg Television later Wednesday that those limits could be on the table. Malliotakis signaled that could require…

The cost of Republican lawmakers’ draft plan for sweeping tax cuts weighed in at $3.8 trillion over the next 10 years in one official estimate. The reality is likely much higher, thanks to the use of budget and political tools designed to minimize the appearance of the fiscal hit, according to independent analysts including former Republican staff members.Budget experts typically calculate the cost of legislation, or “score,” over a 10-year period. But President Donald Trump’s headline-grabbing pledges to remove taxes on tips and overtime are supposed to expire after just four years in the latest bill. That has the effect…

The chair of the House’s tax-writing panel said the $30,000 limit his committee put on the state and local tax deduction is “fair” and lawmakers from high-tax states should accept it.”It’s not everything that some of the SALT members want, but I have members of our conference that don’t even think that you should be able to deduct $1, let alone $30,000. It’s a fair and balanced approach,” Jason Smith, chair of the House Ways and Means Committee, said Thursday at an Economic Club of Washington, D.C. event.Demands from New York, New Jersey and California Republicans for a higher limit…

Ever since the epic run on housing in the first years of the pandemic, fueled by record-low mortgage rates, the market has been plagued by low supply and high prices.Prices in March were 39% higher nationally than they were in March 2019, pre-pandemic, according to the S&P CoreLogic Case-Shiller Index. While prices continue to gain, the supply crunch is finally starting to ease — but not at the right price points.Demand for housing is strong overall, but strongest on the lower, more-affordable end of the market. That segment is still desperately undersupplied. As a result, home sales in the lower…

Dick’s Sporting Goods said Thursday it plans to acquire rival Foot Locker as it looks to expand its international presence, win over a new set of consumers and corner the Nike sneaker market. Under the terms of the agreement, Dick’s will use a combination of cash-on-hand and new debt to acquire Foot Locker for $2.4 billion. Foot Locker shareholders can receive either $24 in cash – a roughly 66% premium of Foot Locker’s average share price over the last 60-days – or 0.1168 shares of Dick’s stock.Foot Locker CEO Mary Dillon has been undertaking an ambitious turnaround at the footwear retailer,…

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Microsoft co-founder Bill Gates announced one week ago that he would give away “virtually all” of his wealth over the next 20 years through his namesake philanthropy. At the end of 2045, the Gates Foundation will close its doors after disbursing all its assets. Gates estimated that the sum would exceed $200 billion, including his wealth and the foundation’s endowment of $77.2 billion as of the…

Bombas founder David Heath is stepping down from his role as CEO as the socks and T-shirt company looks to expand beyond its direct-to-consumer roots.Bombas President Jason LaRose, a former Under Armour and Equinox executive, will take over as the company’s next CEO effective Thursday. Heath said he realized it was necessary for a retail veteran to lead the company through its next phase of growth.”We’ve reached a size and scale that is beyond my expertise. I didn’t come from a big apparel company before … I found myself more so over the last 18 months saying, ‘I don’t know…