It Is Time to Phase Out 9 Unnecessary Oil and Gas Tax Breaks


Humboldt County Democrats

A person walks past pump jacks operating at the Kern River Oil Field in Bakersfield, California, on January 16, 2015. SOURCE: AP/Jae C. Hong A person walks past pump jacks operating at the Kern River Oil Field in Bakersfield, California, on January 16, 2015. SOURCE: AP/Jae C. Hong

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The investment tax credit, or ITC, and production tax credit, or PTC, for clean energy have played an essential role in expediting the deployment of wind, solar, and other forms of clean energy in the United States. In December 2015, the U.S. Congress voted to extend the PTC and ITC. As part of the agreement, however, Congress decided to phase out these tax credits over time. This raises an important question, one asked by Sen. Brian Schatz (D-HI) in February: If policymakers phase out tax credits for clean energy, shouldn’t they do the same for the billions of dollars in tax breaks for the oil and gas industry?

This fact sheet highlights nine tax breaks that should be phased out. They…

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