 |
Proposed U.S. tax overhaul jibes with oil industry
Source:
worldoil.com
- Nov 8, 2017
NEW YORK (Bloomberg) -- The tax overhaul proposed in the U.S. House is a better bet for oil and gas companies than solar developers or electric car buyers, keeping with President Donald Trump’s decidedly fossil-fuel friendly views.
The proposal, unveiled Thursday, slashes tax rates almost in half for most corporations, and expands the ability of businesses -- from shale drillers to solar panel makers -- to write off equipment. It keeps most of the oil industry’s most cherished tax breaks intact, as well as investment and production tax credits for renewable energy.
But there are exceptions: A $7,500 credit for electric vehicle purchases is gone, as is a credit for big solar and geothermal projects. Those changes, alongside other tweaks, may make it harder for renewables to attract financing.
CLICK SOURCE TO READ ARTICLE
Category: General Business
|
