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CRS fossil fuels subsidy report

  • Mintz Levin Cohn Ferris Glovsky and Popeo PC
  • -
  • USA
  • -
  • March 11 2012

The Congressional Research Service released a report March 5 finding that after years of resistance, the atmosphere could be changing enough for Congress to repeal tax breaks for oil and gas industry

Wind PPA tax rule

  • Mintz Levin Cohn Ferris Glovsky and Popeo PC
  • -
  • USA
  • -
  • April 15 2012

The Internal Revenue Service issued Private Letter Ruling 201214007 April 6, concluding that where a taxpayer purchased wind energy facilities accompanied by facility-specific Power Purchase Agreements, no portion of the purchase price need be allocated to the PPAs as a separate asset

Coburn plan calls for $1 trillion purge of tax expenditures

  • Mintz Levin Cohn Ferris Glovsky and Popeo PC
  • -
  • USA
  • -
  • July 24 2011

On July 18, Sen. Tom Coburn (R-OK) unveiled Back in Black: A Deficit Reduction Plan, a purported $9 trillion deficit reduction plan offered which includes cuts to $962 billion of wide-ranging tax expenditures over ten years

Renewable energy resource equipment manufacturing facility tax credit enacted

  • Mintz Levin Cohn Ferris Glovsky and Popeo PC
  • -
  • USA
  • -
  • July 24 2011

Oregon passed a bill (H.B. 2523) creating a new income tax credit for the certified costs of a renewable energy resource equipment manufacturing facility, defined as any structure, building, installation, excavation, device, machinery, or equipment

Legislation introduced

  • Mintz Levin Cohn Ferris Glovsky and Popeo PC
  • -
  • USA
  • -
  • July 31 2011

On July 25, Senator Ron Wyden (D-OR) introduced legislation (S.1413) to amend the Internal Revenue Code of 1986 to temporarily increase the investment tax credit for geothermal energy property

No repeal of ethanol tax credit soon

  • Mintz Levin Cohn Ferris Glovsky and Popeo PC
  • -
  • USA
  • -
  • July 31 2011

On July 26, hopes began to recede for a bipartisan agreement to repeal a production tax credit for ethanol production when Senate Majority Leader Harry Reid (D-NV) excluded the provision from a debt-reduction announced the previous day

Ways and Means postpones to hold energy-tax hearing

  • Mintz Levin Cohn Ferris Glovsky and Popeo PC
  • -
  • USA
  • -
  • August 7 2011

The House Ways and Means Committee postponed an August 3 joint hearing on energy tax policy to be held by the Select Revenue Measures and Oversight Subcommittee

Energy and climate debate - July 7th, 2011

  • Mintz Levin Cohn Ferris Glovsky and Popeo PC
  • -
  • USA
  • -
  • August 7 2011

The key to understanding Washington over the course of the next few months to a year is grasping all that came of the debt ceiling and deficit agreement

Bill amends renewable energy tax credit requirements in Iowa

  • Mintz Levin Cohn Ferris Glovsky and Popeo PC
  • -
  • USA
  • -
  • August 7 2011

Under legislation (H.F.590) the renewable energy tax credit in Iowa was amended to increase the nameplate generating capacity requirement for certain facilities that qualify

Democrats to push for tax breaks in lieu of spending

  • Mintz Levin Cohn Ferris Glovsky and Popeo PC
  • -
  • USA
  • -
  • August 21 2011

Senate Democrats, looking to push their jobs agenda but needing to keep spending to a minimum, will likely focus on corporate tax breaks after the recess