Thursday, January 04, 2007

$18 billion in U.S. rollbacks could fund alternative energy

As much as $18 billion in tax breaks could be in flux as the now Democratically-controlled Congress begins debate over how to boost "green energy" as today's Washington Post front-page story puts it. Solar Energy Indusry Association President Rhone Resch spotlighted the need to focus on 21st-century technologies by funding solar, wind and biofuels now and not later.

The three principal sources of money Democrats are eyeing include:
1. changes in future royalty payments on 1998-1999 leasesin the Gulf of Mexico, estimated to be as much as $11 billion; (see previous post on this blog);
2. rollbacks of myriad tax incentives for oil and gas producers, estimated to be $5 billion; and
3. changes in the treatment of exploration expenses from deductions taken the year they are incurred to capital expenditures spread out over the life of those assets; they are estimated to be as much as $2 billion.

Congress, energy, alternative energy, renewable energy, solar, wind power,Pelosi, biofuels, Resch





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