Tax Information And Guide

Tax Software Congressional negotiators are weighing House and Senate proposals to include dozens of tax breaks for industries in pending energy legislation, even though they could add as much as $19 billion to the federal budget deficit in the next decade.

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Software Tax The provisions would allow faster write-offs for domestic oil and gas exploration and for natural gas pipelines. Electric utilities could save $3.5 billion through 2008 by delaying the payment of taxes on the sale of transmission lines. Other provisions would benefit railroads, the coal industry, waste disposal companies, corn growers and makers of renewable-fuel technologies.

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Every Landlord Tax Deduction Republican lawmakers, trying to reconcile the House and Senate versions of the far-reaching energy legislation, say the tax proposals are part of a well-rounded package of incentives to make the U.S. energy system more self-sufficient and reliable. The provisions, they say, would encourage more domestic oil and gas production, promote the development of alternative fuels, and persuade electric utilities to invest more money to improve overburdened transmission systems.

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Tax Help But the storehouse of incentives in the Republican energy proposals has drawn fire from the Bush administration and from GOP "deficit hawks."

Claiming Tax Credits Besides taking care to claim all the tax deductions that you can, you can minimize your income tax bill by claiming all the tax credits available to you. When they're available, tax credits are generally better for you than deductions would be, because credits are subtracted directly from your tax bill. Deductions, in contrast, are subtracted from the income on which your tax bill is based.

Help Tax In a letter to negotiators last week, Energy Secretary Spencer Abraham said that the incentives far exceed the 10-year, $8 billion package proposed by the Bush administration. Abraham also said the House and Senate energy bills contain "numerous unnecessary, duplicative and costly research and development authorizations that far exceed any contemplated levels of spending in future years."

There are certainly many more related details and issues to consider. For additional information on tax breaks for education, .

Ernst Ernst Guide Guide Tax Prices for oil, natural gas and gasoline have risen sharply in recent months, raising questions among some about the need for a wide array of new incentives.

Tax Return "Nineteen billion [dollars] in tax breaks is too big," Sen. John E. Sununu (R-N.H.) said. "I see no reason to exceed the president's request."

Return Tax House and Senate Republicans have postponed action on the tax portion of the legislation. Sources said tax concessions benefiting a variety of industries and regions could be used in the final stages to win over House and Senate members whose support for the energy package may be wavering.

Guide Guide Master Master Tax "These goodies are the political driver behind the legislation," a Democratic congressional aide said. "They're the dessert that comes after the broccoli."

Tax Preparation Along with the proposed tax breaks, negotiators are considering a variety of other House- and Senate-passed provisions that would aid industries but reduce federal revenue. The House-passed bill, for example, would renew expired royalty relief for major oil companies drilling for oil and gas in the Gulf of Mexico's deep waters. Leases in shallower water would become eligible for the relief for the first time. The federal government would lose $94 million through 2013 in uncollected royalties on the leases, according to the Congressional Budget Office.

Preparation Tax Under a Senate-supported proposal to require gasoline refiners to increase their use of corn-based ethanol fuel in their blends, the government stands to lose as much as $2.5 billion a year in gasoline excise taxes. Because gasoline made with ethanol gets a 5.3 cents-a-gallon tax subsidy, increasing ethanol's share of the gasoline market would reduce receipts from the federal tax.

Employer Tax Guide The tax provisions have become a magnet for lobbyists representing dozens of industries, including some that stand to make or lose millions of dollars over the change of a word or two.

Tax Services While some of the provisions under discussion merely extend or expand long-standing ones that have recently expired, others are potentially costly departures from past policy.

Services Tax In the version of the legislation backed by most Senate Republicans, for example, utilities that retrofit aging coal plants for cleaner-burning technologies could claim a tax credit for the first time. These and related credits for investments in "clean coal" technology -- already heavily subsidized by the federal government -- would be worth $2.1 billion through 2013, according to Congress's Joint Committee on Taxation.

Master Tax Guide Railroads are seeking the repeal of the federal excise tax on diesel fuel used in trains. And a coalition of hospitals, schools, shopping centers, paper companies and petrochemical refiners -- all of which generate electricity as a byproduct of their heating systems or manufacturing processes -- is backing a House-passed provision. For the first time, it would provide a 10 percent investment tax credit for new, combined heat and power facilities.

Tax Attorney Within the overall mix of tax relief, Republicans in both houses are stressing incentives for the domestic oil and gas industry. The tilt reflects the GOP's strong base of support in the energy-rich Rocky Mountain states, the South and the Gulf Coast.

Attorney Tax In the House-passed energy bill, more than $10 billion of the $18.2 billion in proposed tax relief through 2013 would go to pipeline companies and oil and gas producers, according to an analysis by the Congressional Research Service. About $5 billion would provide incentives for energy efficiency and alternative fuels.

Guide Law Tax A version of the energy legislation backed by Senate Republicans is only slightly less generous to the oil and gas industry, but it sets aside $7.5 billion in tax breaks for renewable energy sources and energy-efficient technologies.

Tax Accountant The influence of independent drillers is evident in House and Senate provisions that would allow companies to write off the costs of exploration in two years, instead of over the life of the well. The Joint Committee on Taxation estimates that the relief would cost the Treasury $2.4 billion by 2013.

Accountant Tax Small owners of marginal wells could also collect a tax credit of as much as $3 a barrel when prices fall below $18 a barrel.

Circular Employer Tax Guide Both initiatives are essential to independent operators who collectively produce 20 percent of domestic oil, said Lee Fuller, vice president for government affairs of the Independent Petroleum Association of America. "If we're going to meet future demands," he said, "we're going to need capital, and this is a way to get capital into the hands of producers."

Income Tax Pipeline companies, meanwhile, would benefit from House and Senate provisions that would allow them to depreciate pipelines carrying natural gas from wells over seven years instead of 15.

Us Master Tax Guide Key sectors of the oil and gas industry also support the extension and expansion of a 1978 law that provides a tax credit equivalent to $3 per barrel of oil for "unconventional" fuel sources. While the law applies to companies using exotic sources of energy, such as landfill gases, by far the largest beneficiaries have been companies drilling for methane gas trapped in underground coal seams.

Property Tax That business has drawn major oil companies as well as independent drillers to eastern Wyoming's methane-rich Powder River basin. The Joint Committee on Taxation estimates that the tax credit, if continued, would be worth $2.5 billion to $3 billion to the industry in the next decade.

Irs Tax Form But the proposal has powerful foes who question the need for the special credits for methane producers at a time of high prices and booming production. Sen. Don Nickles (R-Okla.), a critic of tax credits, tried unsuccessfully to block them when the Senate Finance Committee took up the energy tax provisions earlier this year.

Form Irs Tax "He feels tax credits complicate the tax code and it's the government playing favorites," said Gayle Osterberg, Nickles's spokeswoman. "Once you have them, you can't get rid of them. And in cases like this, they distort the marketplace."

Tax Guide For Trader By Dan Morgan
Washington Post - 9/21/2003

Topic: Energy

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