What gifts will the fossil fuel industry receive this year courtesy of the American Taxpayer? Find out in our ongoing 12 days of Giveaways holiday guide to the gifts we give to Big Oil, Big Gas, and King Coal.
On the first day of fossil fuel giveaways we gave the oil, gas and coal industry ...
Expensing of Intangible Drilling Costs - Cost: $7.8 billion
This vaguely worded provision allows oil companies to get repaid for the money they spend to run their businesses. Even with record profits, oil companies are still not paying their fair share of taxes like the rest of us – leaving us to pay for their special breaks. Eliminating this credit is projected to raise $7.8 billion in revenue through FY 2020. This credit inevitably leads to more drilling in even more sensitive areas. It increases our reliance on dirty fossil fuels and crowds out investments in clean renewable energy.
See the rest of the "Dirty Dozen"