Monday, September 15, 2008
Summary of Tax Provisions in Energy Bill
Summary: The Energy Tax Incentives Act of 2008 will provide approximately $18 billion of tax incentives for investment in renewable energy, carbon capture and sequestration demonstration projects, energy efficiency and conservation. The cost of these provisions will be offset by repealing tax subsidies for the ‘Big 5' oil companies and oil companies controlled by foreign governments (e.g., CITGO). The cost of these provisions will also be offset by preventing the understatement of foreign oil and gas extraction income in calculating foreign tax credits.