Congressman Continues Push To Eliminate All Energy Tax Credits

NAW Staff, Thursday 17 January 2013 - 12:47:31

Rep. Mike Pompeo, R-Kan., is renewing his push to eliminate all energy tax credits, including for wind power.

Pompeo has introduced the 2013 Energy Freedom & Economic Prosperity Act, which would remove all energy tax credits - including the production tax credit and the investment tax credit - but would retain the "general business deductions" available to the oil and gas industries.

Pompeo, who introduced similar measures last year, claims the legislation would put all sources of energy on a level playing field. However, critics say the fossil-fuel industries would continue to benefit from write-offs, such as those for intangible drilling costs, while less mature industries - such as the wind energy sector - would lose the momentum they have gained over the past decade.

Eleven congressmen have signed on to co-sponsor the bill, which is also supported by several groups with ties to fossil fuels, such as the American Energy Alliance and Americans for Prosperity.




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