Wednesday, July 28, 2021
Home Middle Column Subsidies to wind and solar dwarf those to 'big oil' — but...

Subsidies to wind and solar dwarf those to ‘big oil’ — but wait! There’s more!

-

Subsidies to wind and solar dwarf those to “big oil” — but wait! There’s more!

http://www.cfact.org/2013/07/08/subsidies-to-wind-and-solar-dwarf-those-to-big-oil-but-wait-theres-more/

Oil depletion allowances, the first category, principally apply to small independent producers, with similar benefits available for all mineral extraction, timber industries, etc., allowing them to pass the depletion on to individual investors. Large integrated corporations haven’t been eligible for these since the mid-1970s. Expensing indirect drilling costs involves writing off expenses in the year incurred rather than capitalizing them and writing them off over several years. Closing this “loophole” would only change the timing of taking he expense, not the total amounts of the so-called “subsidy.” The third category, a tax credit for taxes paid to foreign nations, is available for all international companies. This provides an offset to foreign taxes, often paid as royalties, so that the companies aren’t taxed twice on the same income.

- Advertisment -

Related Articles

Net Zero by 2050 is dead in the water. So what’s plan B?

But when the public really finds out what Net Zero means, will they tolerate it? The gilets jaunes protests in France were the most...

China Claims Global Climate Leadership, Slams US Republicans for Obstruction

The Global Times, a mouthpiece of the Chinese Communist Party, has criticised US Republicans for not joining Biden's effort to support Chinese climate leadership.

New Study Finds East And West Antarctica Have Profoundly Cooled By -2.8°C And -1.68°C Since 1979

From 1979-2018 East Antarctica cooled -0.70°C/decade (-2.8°C), West Antarctica cooled -0.42°C/decade (-1.68°C), but the Antarctic Peninsula warmed 0.18°C/decade (0.72°C). Thus, as a whole, the...