Tax information providers CCH and RIA both released comprehensive explanations and practical analyses of the tax provisions contained in the Energy Policy Act of 2005 and the Safe, Accountable, Flexible and Efficient Transportation Equity Act of 2005.
The energy act will provide more than $14.5 billion in tax incentives to oil, gas and renewable energy companies over the next decade. Consumers, members of the housing industry, and car and appliance manufacturers may also benefit from the provisions in the new law. The transportation act contains a handful of miscellaneous provisions covering items such as the extension of fuel taxes, repeal of the harbor maintenance tax on exports, modification of the gas-guzzler tax and a cap on the excise tax on fishing rods. Both bills were passed by Congress recently and await President Bush's signature.
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