The Internal Revenue Service said Friday it’s ready to process tax year 2017 returns claiming four additional tax benefits recently renewed retroactively into law, including tax breaks related to energy conservation and production.
Federal Tax Credits and Incentives Practice Leader for the AmericasPrager Metis CPAs, LLC
President Trump signed into law H.R. 1892, the Bipartisan Budget Act of 2018, just hours after the Senate passed the bill by a vote of 71-28 and the House by a margin of 240-186 this month.
Oil companies that have claimed more than a billion dollars in tax credits for burying carbon dioxide underground just got a windfall from Congress, which expanded that incentive as part of the government spending bill signed into law on Friday.
President Trump just signed and enacted a two-year budget bill that extends government funding through March 23 and also retroactively extends numerous tax breaks that had previously expired.
Oilmen, wildcatters and particularly refiners are reaping billions in gains from President Donald Trump’s tax overhaul, helping boost the staying power of old-style energy even as the world searches for cleaner fuels.
In the biggest blow he’s dealt to the renewable energy industry yet, President Donald Trump decided on Monday to slap tariffs on imported solar panels.
Congress is close to lifting a 40-year-old ban on energy development in Alaska’s Arctic National Wildlife Refuge, but drilling for oil in that frozen wilderness may still be years away as the effort faces exhaustive environmental reviews and likely lawsuits.
A deal meant to preserve a key source of financing for wind and solar developers in the Republican tax bill contains some hidden pitfalls that could undercut its benefit.
Now that Republicans in Congress have released their final tax bill, two big questions remain. What will companies do with all that cash, and who will benefit the most?
