NewEnergyNews: Tax Bill Cuts New Energy, Supports Nuclear

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  • TODAY AT NewEnergyNews, November 21:

  • TODAY’S STUDY: Is peak oil demand coming soon?
  • QUICK NEWS, November 21: Online Deniers Falsely Used NASA Study About Antarctic Melt; The EV As A Mini Power Plant; New Energy Price Knocks Coal, Nuclear Out Of The Market

    Thursday, November 09, 2017

    Tax Bill Cuts New Energy, Supports Nuclear

    House Tax Bill Trims Wind Tax Credit, Extends Nuclear Provision

    Ari Natter (w/Jennifer A. Dlouhy and Chris Martin), November 2, 2017 (Bloomberg News)

    “…[The House Republicans’] tax overhaul bill would trim the wind energy’s production tax credit by more than a third…[The bill] also extends an estimated $6 billion tax credit for the nuclear industry…The bill also adds tax credits for other energy sources, such as geothermal, small-scale wind and fuel cells that were left out of a 2015 budget and spending deal…The House tax overhaul would cut the wind industry’s 2.3-cent-per-kilowatt hour tax credit to 1.5 cents and also hardens a deadline for its phaseout -- changes estimated by congressional analysts to cut more than $11 billion in benefits to the industry over the next decade…[T]he wind production tax credit begins phasing out this year before expiring in 2020. A separate, and unaffected, solar industry tax credit phases out before expiring in 2022. That will continue as planned, but a 10 percent tax credit for the solar industry that was supposed to be permanent for utility-scale and commercial projects would be ended by the bill after 2027…The legislation would end a $7,500 tax credit provided for consumers who purchase electric vehicles…[and minor oil industry tax breaks…But the oil industry would keep its largest targeted tax measures…” click here for more

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