CBO: Recent Growth in Subsidies for Renewables, Efficiency

A recent report from the Congressional Budget Office found that in 2011 federal support for fuel and energy technology development and production was $24 billion. Of this, $20.5 billion, or 85%, was in the form of “tax preferences—such as special deductions, special tax rates, tax credits, and grants in lieu of tax credits”; the remainder was made up by the Department of Energy’s spending programs. Of the total $24 billion provided in 2011, about $16 billion, or 78%, went toward support of renewables, energy efficiency, and alternative vehicles.   According to the report, historically energy-related tax preference support was “primarily… [more]