Senate Republicans have added tax breaks and other subsidies for oil drillers to the GOP tax bill making its way through Congress, including a provision that would reward companies for using an emerging greenhouse-gas-fighting technology — capturing carbon from the atmosphere — to boost production of oil by billions of barrels a year.

The Senate’s tax bill would boost baseload electricity — including nuclear and geothermal power — while slashing incentives for intermittent sources.

The Senate Finance Committee’s language would take a sledgehammer to some parts of the renewable-friendly Inflation Reduction Act while sparing others.

Senate Republicans included a tax break estimated to be worth more than $1 billion for oil and gas producers in their version of President Donald Trump’s sprawling fiscal package. The provision would allow energy companies subject to a 15% corporate alternative minimum tax to deduct certain drilling costs when calculating their taxable income.

(Reuters) -Shares of U.S. solar energy companies tumbled in extended trade on Monday after Republicans who control the U.S. Senate Finance Committee unveiled changes to President Donald Trump's sweeping tax-cut and spending bill that would phase out solar,

While the Senate proposal would eventually remove credits provided by the Biden administration’s Inflation Reduction Act, analysts at J.P. Morgan and Mizuho said the Senate version is better for shares of solar and other renewables companies than the version passed by the House of Representatives in late May.