Climate Changed
Fossil-Fuel Friendly Tax Plan Spares Oil, Not Solar or Tesla
- Bill protects drilling cost deductions, depreciating reserves
- Wind tax credit trimmed by third, electric car break gone
Tesla Shares Tumble on Potential Loss of Tax Credit
This article is for subscribers only.
The tax overhaul proposed in the U.S. House looks like a better bet for oil and natural gas companies than solar developers or electric car buyers, keeping with President Donald Trump’s decidedly fossil-fuel friendly views.
The proposal, unveiled Thursday, slashes tax rates almost in half for most corporations, and expands the ability of businesses -- from shale drillers to solar panel makers -- to write off equipment. It keeps most of the oil industry’s most cherished tax breaks intact, as well as investment and production tax credits for renewable energy.