Tax credits for clean energy and home energy efficiency would still be phased out, albeit less quickly, under Senate Republicans' latest proposed changes to a massive tax bill. Electric vehicle incentives and other provisions intended to move the United States away from fossil fuels would be gutted rapidly.

For many families, another key source of savings is the child tax credit. Senate Republicans proposed permanently increasing the credit available to parents, which would be set at $2,200 per child, beginning in the 2025 tax year. House Republicans had proposed to bump up the credit to $2,500, but only through 2028.

U.S. Senate Republicans on Monday proposed a tax bill that would extend a clean fuel tax credit through 2031, but trim 20% of the value of the credit for biofuels made from feedstocks produced outside of the United States.