Energy Tax Provisions
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Author |
: |
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: |
Total Pages |
: 44 |
Release |
: 1977 |
ISBN-10 |
: PURD:32754076264351 |
ISBN-13 |
: |
Rating |
: 4/5 (51 Downloads) |
Synopsis Energy Tax Provisions by :
Author |
: United States. Congress. Joint Committee on Taxation |
Publisher |
: |
Total Pages |
: 36 |
Release |
: 1977 |
ISBN-10 |
: IND:30000091090898 |
ISBN-13 |
: |
Rating |
: 4/5 (98 Downloads) |
Synopsis Energy Tax Provisions by : United States. Congress. Joint Committee on Taxation
Author |
: United States. Congress. Joint Committee on Taxation |
Publisher |
: |
Total Pages |
: |
Release |
: 1977 |
ISBN-10 |
: LCCN:80603773 |
ISBN-13 |
: |
Rating |
: 4/5 (73 Downloads) |
Synopsis Energy Tax Provisions by : United States. Congress. Joint Committee on Taxation
Author |
: United States. Congress. Joint Committee on Taxation |
Publisher |
: |
Total Pages |
: 32 |
Release |
: 1977 |
ISBN-10 |
: OCLC:1097435342 |
ISBN-13 |
: |
Rating |
: 4/5 (42 Downloads) |
Synopsis Energy Tax Provisions by : United States. Congress. Joint Committee on Taxation
Author |
: Nathan Videt |
Publisher |
: |
Total Pages |
: 0 |
Release |
: 2014 |
ISBN-10 |
: 1629485527 |
ISBN-13 |
: 9781629485522 |
Rating |
: 4/5 (27 Downloads) |
Synopsis Energy Taxes by : Nathan Videt
Since the 1970s, energy tax policy in the United States has attempted to achieve two broad objectives. First, policymakers have sought to reduce oil import dependence and enhance national security through a variety of domestic energy investment and production tax subsidies. Second, environmental concerns have led to subsidisation of a variety of renewable and energy efficiency technologies via the tax code. While these two broad goals continue to guide policy, enacted policies that solely focus on achieving only one of the goals are often inconsistent with policies solely designed to achieve the other goal. For example, subsidies to oil and gas producers, while enhancing domestic oil and gas production, encourage an activity with negative environmental consequences. By providing a longitudinal perspective on energy tax policy and expenditures, this book examines how current revenue losses resulting from energy tax provisions compare to historical losses and provides a foundation for understanding how current energy tax policy evolved. Further, this book compares the relative value of tax incentives given to fossil fuels, renewables, and energy efficiency. Recent legislation has introduced, reintroduced, expanded, and extended a number of energy tax provisions. While a number of the current energy provisions have a long historical standing in the tax code, a wider variety of tax incentives, to promote a range of energy sources, are presently available than have been available in the past.
Author |
: Molly Sherlock |
Publisher |
: Createspace Independent Publishing Platform |
Total Pages |
: 0 |
Release |
: 2012-10-20 |
ISBN-10 |
: 1480151599 |
ISBN-13 |
: 9781480151598 |
Rating |
: 4/5 (99 Downloads) |
Synopsis Energy Tax Incentives by : Molly Sherlock
The majority of energy produced in the United States is derived from fossil fuels. In recent years, however, revenue losses associated with tax incentives that benefit renewables have exceeded revenue losses associated with tax incentives benefitting fossil fuels. As Congress evaluates the tax code and various energy tax incentives, there has been interest in understanding how energy tax benefits under the current tax system are distributed across different domestic energy resources. In 2010, fossil fuels accounted for 78.0% of U.S. primary energy production. The remaining primary energy production is attributable to nuclear electric and renewable energy resources, with shares of 11.2% and 10.7%, respectively. Primary energy production using renewable energy resources includes both electricity generated using renewable resources, including hydropower, as well as renewable fuels (e.g., biofuels). The value of federal tax support for the energy sector was estimated to be $19.1 billion in 2010. Of this, roughly one-third ($6.3 billion) was for tax incentives that support renewable fuels. Another $6.7 billion can be attributed to tax-related incentives supporting various renewable energy technologies (e.g., wind and solar). Targeted tax incentives supporting fossil energy resources totaled $2.4 billion. This report provides an analysis of the value of energy tax incentives relative to primary energy production levels. Relative to their share in overall energy production, renewables receive more federal financial support through the tax code than energy produced using fossil energy resources. Within the renewable energy sector, relative to the level of energy produced, biofuels receive the most tax-related financial support. The report also summarizes the results of recently published studies by the Energy Information Administration (EIA) evaluating energy subsidies across various technologies. According to data presented in the EIA reports, the share of direct federal financial support for electricity produced using coal, natural gas and petroleum, and nuclear energy resources was similar in 2007 and 2010. Between 2007 and 2010, however, the share of federal financial support for electricity produced by renewables increased substantially, and federal financial support for refined coal disappeared. Projections of the annual cost of energy-related tax provisions through 2015 show that, under current law, tax-related support for renewable fuels will effectively disappear after 2012. The amount of tax-related support for renewable electricity is also scheduled to decline over time given the recent expiration of the Section 1603 grants in lieu of tax credits program and the scheduled expiration of other tax incentives for renewable electricity, such as the production tax credit (PTC). The value of energy-related tax provisions that benefit fossil fuels is projected to remain relatively constant over time, under current law, as most provisions that benefit fossil fuels are permanent Internal Revenue Code (IRC) provisions.
Author |
: Congressional Research Congressional Research Service |
Publisher |
: CreateSpace |
Total Pages |
: 32 |
Release |
: 2015-01-22 |
ISBN-10 |
: 1507735936 |
ISBN-13 |
: 9781507735930 |
Rating |
: 4/5 (36 Downloads) |
Synopsis Energy Tax Policy by : Congressional Research Congressional Research Service
A number of energy tax provisions expired at the end of 2014. Expired provisions include those that support renewable electricity (the production tax credit (PTC)), provisions that support energy efficiency in both residential and commercial buildings, and tax credits for certain biofuels and other alternative fuels. Like the 113th Congress, the 114th Congress may choose to address expired energy tax provisions. The Tax Increase Prevention Act (P.L. 113-295), enacted late in the 113th Congress, temporarily extended, through 2014, most expired energy tax provisions. Energy tax policy may also be considered as part of comprehensive tax reform legislation in the 114th Congress. A base-broadening approach to tax reform might consider the elimination of various energy tax expenditures in conjunction with a reduction in overall tax rates. This was the approach taken in the Tax Reform Act of 2014 (H.R. 1), introduced late in the 113th Congress by then-Chairman of the House Ways and Means Committee, Dave Camp. Alternative revenue sources, such as a carbon tax, may also be evaluated as part of the tax reform process. The Obama Administration has also proposed a number of changes to energy tax policy as part of its annual budget proposal. In the past, the Administration has proposed repealing a number of existing tax incentives for fossil fuels, while providing new or expanded incentives for alternative and advanced technology vehicles, renewable electricity, energy efficiency, and advanced energy manufacturing. Energy tax policy involves the use of one of the government's main fiscal instruments, taxes (both as an incentive and as a disincentive) to alter the allocation or configuration of energy resources and their use. In theory, energy taxes and subsidies, like tax policy instruments in general, are intended either to correct a problem or distortion in the energy markets or to achieve some economic (efficiency, equity, or even macroeconomic) objective. The economic rationale for government intervention in energy markets is commonly based on the government's perceived ability to correct for market failures. Market failures, such as externalities, principal-agent problems, and informational asymmetries, result in an economically inefficient allocation of resources-in which society does not maximize well-being. To correct for these market failures governments can utilize several policy options, including taxes, subsidies, and regulation, in an effort to achieve policy goals. In practice, energy tax policy in the United States is made in a political setting, determined by fiscal dictates and the views and interests of the key players in this setting, including policy makers, special interest groups, and academic scholars. As a result, enacted tax policy embodies compromises between economic and political goals, which could either mitigate or compound existing distortions.
Author |
: United States. Congress. Senate. Committee on Finance |
Publisher |
: |
Total Pages |
: 184 |
Release |
: 2015 |
ISBN-10 |
: STANFORD:36105050688071 |
ISBN-13 |
: |
Rating |
: 4/5 (71 Downloads) |
Synopsis Reforming America's Outdated Energy Tax Code by : United States. Congress. Senate. Committee on Finance
Author |
: National Research Council (U.S.). Committee on Energy Taxation |
Publisher |
: |
Total Pages |
: 116 |
Release |
: 1980 |
ISBN-10 |
: UCR:31210024772962 |
ISBN-13 |
: |
Rating |
: 4/5 (62 Downloads) |
Synopsis Energy Taxation by : National Research Council (U.S.). Committee on Energy Taxation
Author |
: Giosuè Ferrero |
Publisher |
: |
Total Pages |
: 0 |
Release |
: 2011 |
ISBN-10 |
: 1613248792 |
ISBN-13 |
: 9781613248799 |
Rating |
: 4/5 (92 Downloads) |
Synopsis U.S. Energy Tax Policy by : Giosuè Ferrero
Energy tax policy in the United States has attempted to achieve two broad objectives. First, policymakers have sought to reduce oil import dependence and enhance national security through a variety of domestic energy investment and production tax subsidies. Second, environmental concerns have led to subsidization of a variety of renewable and energy efficiency technologies via the tax code. While these two broad goals continue to guide policy, enacted policies that solely focus on achieving only one of the goals are often inconsistent with policies solely designed to achieve the other goal. This book explores energy tax policy and expenditures and examines how current revenue losses resulting from energy tax provisions compare to historical losses which provides a foundation for understanding how current tax policy evolved.