“It” would be the subject. Time, or tense would be gleaned from the verb conjugation.
E.g. “it is raining” versus “it was raining,” where “is” and “was” are two conjugations of “being.”
The question is more in reference to the subject, “it.” In which case, as partial_accumen describes, “it” is a pronoun representing “the status of the weather.”
I’ve never really thought about it, but my first instinct is to say it’s referring to the time “it is raining right now” shortened to “it’s raining”?
“It” would be the subject. Time, or tense would be gleaned from the verb conjugation.
E.g. “it is raining” versus “it was raining,” where “is” and “was” are two conjugations of “being.”
The question is more in reference to the subject, “it.” In which case, as partial_accumen describes, “it” is a pronoun representing “the status of the weather.”