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 second day of fossil fuel giveaways we gave the oil, gas and coal industry...
Exemption to Passive Loss Limitation for Working Interests in Oil and Gas Properties - Cost: $180 million
Another vaguely-worded freebie, the “passive activities” are defined as “trade or business activities which the company does not materially participate,” allowing oil and gas companies to write off losses from other investments on their tax bill for the oil and gas that they are making billions of dollars on. Sounds complicated right? Well, the only industry to receive this exception is the oil and gas industry – seems like a lot of money for a special break for a single industry.
The Dirty Dozen: