The Congressional Research Service released a report September 19 finding that renewable energy tax incentives are projected to decline by nearly half, from $6.3 billion to $3.3 billion, between 2011 and 2015. The report, Energy Tax Incentives: Measuring Value Across Different Types of Energy Resources, concluded that relative to their domestic production levels, current federal support for renewable energy exceeds funding for fossil fuels. The value of federal tax support for the energy sector was estimated at $19.1 billion in 2010, when fossil fuels accounted for 78 percent of total energy production, while renewable energies comprised 10.7 percent, but renewable energies received more than 68 percent of the energy related tax incentives, and fossil fuels received 12.6 percent. Nearly half of the 68 percent went toward biofuels.
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