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On Friday, GOP negotiators released their Conference Report (Report) reconciling House and Senate versions of the Tax Cut and Jobs Act. The tax bill would affect U.S. energy policy in several ways, impacting electric vehicles (EV), the clean energy industry, as well as oil & gas operations. Now that a deal is complete, two significant energy-related items, the Base Erosion Anti-Abuse Tax and the opportunity to drill in the Arctic National Wildlife Refuge, are likely to become law very soon. Base Erosion Anti-Abuse Tax: To offset U.S. tax liability, multinational companies often make payments to overseas affiliates and also purchase… [more]View Insight
The Energy Independence and Security Act of 2007 includes a renewable fuels standard requiring fuel refiners to blend an increasing amount of advanced biofuels into their gasoline and diesel fuel stocks. In 2011, the Act mandated the blending of 6.6 million gallons of cellulosic biofuels. However, sufficient cellulosic fuels were not available to refiners for purchase and use. Refiners are now being fined for failing to meet the quota. [New York Times] The Times characterized this situation as an example of “what happens when the federal government really, really wants something that technology is not ready to provide.” Through loan… [more]View Insight