American Oil and Gas Reporter - October 2020 - 71
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Election2020: Industry Analysis
The federal tax code often is used to spur development of favored
technologies. As a matter of government philosophy, how do you gauge
(Biden's/Trump's) opinion of using tax incentives to direct market
behavior? As it applies to energy, what specific tax incentives do you think
he would support or oppose?
Biden's plans include muscular tax reform
to effect policy changes. The reforms could
come in multiple waves. The first wave seems
likely to be part of a recovery-focused, post-election
stimulus package that includes a suite of green energy
and transition technology incentives. The green and
clean provisions in the HR 2, the Moving Forward
Act, which was passed by the House on July 1, may
offer a starting point.
That bill would:
· Extend wind production tax credits (PTC) and
solar investment tax credits (ITC) for five years,
adding energy storage to the ITC;
· Extend carbon-oxide sequestration credits (Section
45Q) by two years;
· Allow credit recipients to claim 85% of the
value of ITC, PTC and Section 45Q credits as cash;
· Extend and phase down biodiesel blender tax
credits, and credits for mixtures and alternative fuels
over five years;
· Modify the EV tax credit phase-down trigger to
begin at 600,000 vehicles (rather than 200,000) and
expand it to apply to used EVs;
· Create new credits for heavy-duty zero-emission
vehicles; and
· Reinstate the Section 48C advanced manufacturing
credit created by the 2009 American Recovery and
Reinvestment Act.
B
Taxpayer-funded subsidies should never be
used to direct market behavior. Tax incentives
usually have proven a costly and ineffective
experiment, particularly when it comes to energy.
Federal energy subsidies have cost American taxpayers more than $100 billion in the past 10 years
without meaningfully changing the makeup of our
energy resources.
The presumption of federal energy policy since at
least the 1970s that our energy markets are not producing the "correct" mix of energy resources and are
not creating enough innovation is not supported by
the facts. The substantial subsidies directed toward
renewable energy in recent years were intended to
kickstart new technologies to make renewables more
affordable and reliable. However, both wind and
solar power remain prohibitively expensive and intermittent for large-scale use.
Instead, subsidies are keeping unprofitable and
often foreign companies afloat at the expense of the
American public while straining our electric grid and
inflating energy prices.
T
OCTOBER 2020 71
American Oil and Gas Reporter - October 2020
Table of Contents for the Digital Edition of American Oil and Gas Reporter - October 2020
Contents
American Oil and Gas Reporter - October 2020 - Intro
American Oil and Gas Reporter - October 2020 - 1
American Oil and Gas Reporter - October 2020 - 2
American Oil and Gas Reporter - October 2020 - 3
American Oil and Gas Reporter - October 2020 - 4
American Oil and Gas Reporter - October 2020 - Contents
American Oil and Gas Reporter - October 2020 - 6
American Oil and Gas Reporter - October 2020 - 7
American Oil and Gas Reporter - October 2020 - 8
American Oil and Gas Reporter - October 2020 - 9
American Oil and Gas Reporter - October 2020 - 10
American Oil and Gas Reporter - October 2020 - 11
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American Oil and Gas Reporter - October 2020 - 20
American Oil and Gas Reporter - October 2020 - 21
American Oil and Gas Reporter - October 2020 - 22
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American Oil and Gas Reporter - October 2020 - 24
American Oil and Gas Reporter - October 2020 - 25
American Oil and Gas Reporter - October 2020 - 26
American Oil and Gas Reporter - October 2020 - 27
American Oil and Gas Reporter - October 2020 - 28
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American Oil and Gas Reporter - October 2020 - 30
American Oil and Gas Reporter - October 2020 - 31
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American Oil and Gas Reporter - October 2020 - 34
American Oil and Gas Reporter - October 2020 - 35
American Oil and Gas Reporter - October 2020 - 36
American Oil and Gas Reporter - October 2020 - 37
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