As Washington mulls reforming the corporate tax code, what's at stake for energy policy?
Both permanent and temporary tax policies are among the largest drivers of energy policy, and all of them are on the table as Congress considers taking up corporate-tax reform next year. Even before that, Congress must decide whether it should renew some clean-energy tax credits by year's end, including the production tax credit for wind; and the push continues to end at least some oil and natural gas tax breaks.
Before Congress takes up corporate-tax reform, should lawmakers renew the PTC for wind energy? Should that tax credit be ratcheted down in some way? How should lawmakers consider oil and natural-gas tax breaks as part of corporate tax reform? Should Congress treat subsidies going to the international, integrated oil companies differently than those going to domestic, independent companies?
Should all energy resources receive about equal tax treatment? Or does the fact that energy technologies are at different stages of development and need varying levels of government support justify differential treatment?