House Tax Proposal Would Eliminate Dozens of Traditional, Clean Energy Credits

摘要

Draft tax reform legislation released by the House Ways and Means Committee would repeal dozens of energy tax credits that benefit both the traditional and clean energy industries, according to a summary of the bill made public Feb. 26. Among the credits repealed by the Tax Reform Act of 2014 are several treasured by the oil and gas industry, including the last-in first-out accounting method, a tax credit for producing oil and gas from marginal wells, and the enhanced oil recovery tax credit, according to the bill summary. In addition, the legislation would phase out the renewable energy production tax credit by reducing it from 2.3 cents per kilowatt hour to 1.5 cents until 2014, after which it would be repealed, according to the summary, which estimated such a change would save $9.6 billion.