Eliminating All Current Energy Tax Credits (H.R. 259)
Do you support or oppose this bill?
What is H.R. 259?
(Updated July 13, 2017)
This bill would eliminate all current energy tax credits for both renewable and conventional energy sources. In 2013, the Congressional Budgeting Office (CBO) estimated that federal energy tax subsidies cost taxpayers more than $16 billion. Roughly $7.1 billion (45%) of that total went towards subsidies for renewable energy, and another $4.8 billion (29%) went towards subsidies aimed at energy efficiency. The Senate companion bill was introduced by Sen. Mike Lee (R-UT) and co-sponsored by Sen. Pat Toomey (R-PA).
According to Rep. Mike Pompeo (R-KS), co-sponsor of the House’s bill, the specific subsidies repealed apply to:
-Plug-In electric and fuel cell vehicles
-Alternative fuel and alternative fuel mixtures
-the Cellulosic Biofuel Producer Credit
-Alternative fuel infrastructure
-the Production Tax Credit for electricity produced from renewable sources, including wind, biomass, and hydropower
-the Investment Tax Credit for equipment powered by solar, fuel cells, geothermal or other specified renewable sources
-the Enhanced Oil Recovery Credit, and credit for producing oil and gas from marginal wells
-the Advanced Nuclear Power Generation Credit
-Clean coal investment credits
Argument in favor
Promotes consumer-driven free-market competition in the energy industry.
Argument opposed
Disproportionately hurts green energy and energy-efficiency technologies.
Impact
If enacted, the bill would offer no tax breaks to energy companies. This elimination of tax credits has the potential, among other effects, to lead to savings for taxpayers, a slowdown in green and renewable energy technologies and innovation, and more free-market competition between energy providers.
Cost of H.R. 259
A CBO cost estimate is currently unavailable.
Additional Info
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