Environmentalists are cheering all of the energy funding included in the omnibus funding bill passed Monday night but Congress but it also means higher taxes and billions of dollars in costs to taxpayers.
The Joint Committee on Taxation scored the tax provisions and revealed the two-year extension of solar tax credit will cost $7 billion over 10 years.
The extra year for the wind production tax credit? It will cost $1.7 billion also over the 10 year period.
A five-year, offshore wind tax credit extension carries a $362 million price tag. The biodiesel tax credit will cost us $279 million and the move to extend the advanced biofuel credit will cost $16 million.
But the cash spigot won’t shut off soon for any number of other energy projects.
OK Energy Today reviewed the list of tax credits and found that the extension of residential energy-efficient property credit and inclusion of biomass fuel property expenditures will be $3.8 billion.
The extension of credit for electricity produced from certain
renewable resources carries a price of $1.695 billion. A carbon dioxide sequestration credit extension will cost $641 million.
The omnibus bill included extension a 7-year recovery period for motorsports entertainment complexes. Price tag? $224 million.
There was also the extension of special expensing rules for certain film, television and live theatrical productions which carries a $585 million price tag.
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