Memo To EPA Chief new energy 31 Pruitt: Let’s Finish Subsidies For Fossil Fuels, Not Renewables
A brand new study by Oil Change Worldwide brings us updated. Revealed earlier this month, it discovered that federal subsidies in 2015 and 2016 averaged $10.9 billion a year for the oil new energy 31 and gas industry and $three.Eight billion for the coal business. By distinction, the wind industry’s so-known as manufacturing tax credit, renewed by Congress in December 2015, amounted to $three.Three billion last yr, according to a Congress Joint Committee on Taxation (JCT) estimate. Unlike the fossil gas industry’s everlasting subsidies, Congress has allowed the wind tax credit score to expire six times in the final 20 years, and it’s now set to decline incrementally till ending in 2020. Equally, Congress fastened the solar industry’s funding tax credit at 30 p.c of a project’s value via 2019, however lowered it to 10 % for industrial initiatives and zeroed it out for residences by the top of 2021. The JCT estimates that the solar credit score amounted to a $2.4-billion tax break final yr. Totaling it up, fossil fuels — at $14.7 billion — still acquired two-and-a-half instances extra in federal support than photo voltaic and wind in 2016.
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