Bloomberg News

For a time earlier this year, Faulkender served as the acting commissioner of the Internal Revenue Service.

The dozen states that implemented a refundable CTC program in the wake of the pandemic held down child poverty rates relative to states that didn't act.

The scale of the retailer's overstatement is "quite shocking" and will likely impact management credibility, said one analyst.

S&P Global ratings reckons money flowing from the levies will offset the impact on the U.S.'s budget position from the recent tax and spending bill.

Vestas Wind Systems A/S shares jumped after guidance brought much-anticipated clarity to the rules on how clean energy projects can qualify for tax credits.

The Trump administration tightened long-standing eligibility requirements for clean energy tax credits.

A Treasury Department decision due next week threatens to undermine the financial viability of hundreds of planned clean energy projects.

President Trump's signature tax and spending bill is expected by most economists — and the Congressional Budget Office — to worsen U.S. deficits over the coming decade.

Treasury Secretary Bessent will serve as acting commissioner, as President Trump plans to nominate Long for an ambassadorship.

The move will enlarge refunds paid out to taxpayers early next year, ahead of the midterm congressional elections in November 2026.