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Tax Breaks for Oil, Wind, Electric Cars Survive in Senate Bill

  • House tax proposal scraps some credits for renewable energy
  • Senate plan would keep credits for oil drillers in place
Bloomberg business news

Trump Returns, Greeted by Tax Reform Debate

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Tax breaks cherished by both the fossil fuel and renewable energy industries emerged unscathed in a tax plan unveiled in the U.S. Senate, according to details of the bill released Thursday evening by the chamber’s main tax writing committee.

Republicans opted to leave tax subsidies for the energy industry almost entirely in place in their broad re-write of the tax code which the Senate Finance Committee expects to start considering amendments to on Monday. That means drillers would still be allowed to take accelerated deduction of "intangible drilling costs" for expenses such as supplies and repairs.