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Not Yet Introduced , The Energy Policy Tax Incentives Act of 2005 (2 comments ↓)

  • This item is from the 109th Congress (2005-2006) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

The Energy Policy Tax Incentives Act of 2005 would amend numerous provisions of tax law mainly relating to energy production and use. The bill would enhance and create credits for the use and development of energy-efficient technologies, for the use and production of alternative motor vehicles and fuels, and for the production of renewable electricity, nuclear power, clean coal, and other types of fuel. Further, it would allow the use of tax-credit bonds to finance certain types of energy projects undertaken by the Tennessee Valley Authority (TVA), electric power cooperatives, and local governmental entities such as municipal power agencies. The bill would extend excise tax provisions and income tax credits for purchases of biodiesel fuel mixtures (a combination of diesel fuel and vegetable oil or animal fat). The bill also would raise revenue by reinstating and extending taxes on kerosene and oil. Provisions of the bill would generally take effect upon enactment.

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Jefferson

June 18, 2005, 1:05pm (report abuse)

I have mixed feelings about this bill. Anything that reduces taxes is good, but I think this is mostly corporate tax breaks. Those tax cuts will make it back to consumers eventually, but broad-based tax reduction would be better - including eliminating corporate taxation entirely. After all, corporations just pass the tax burden to consumers. Corporate tax is just hidden tax.

culture

June 19, 2005, 12:43pm (report abuse)

Conservation is the way. We are destroying the planet's resources.

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