Prepared by the Staff of the Joint Committee on Taxation: Tax Expenditures for Energy Production and Conservation, Scheduled for a Public Hearing Before the Senate Committee on Finance, April 23, 2009.
“The Senate Committee on Finance has scheduled a public hearing on April 23, 2009, titled Technology Neutrality in Energy Tax: Issues and Options. Since 2004, the Congress has been very active in promulgating legislation related to energy production (including oil and gas and renewables) and conservation. Part II of this document, prepared by the staff of the Joint Committee on Taxation, provides a description of present law tax expenditures for energy production and conservation. These tax provisions vary widely, and are summarized in the tables that follow. In addition to the energy specific tax expenditures, energy sector producers and manufacturers may also benefit from other general tax expenditures, such as the section 199 deduction for income attributable to domestic production activities, additional first year depreciation (bonus depreciation), the lower rates of tax on the first $10 million of corporate taxable income, and, in general, the deferral of tax on active business income derived by foreign subsidiaries.”
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