The Tax Bill and Energy Policy

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]