To: From: Sent: Subject: Exports
Jackson, Ryan[jackson.ryan@epa.gov] Bloomberg Environment Tue 12/5/2017 12:11:51 PM First Move: 'Devastating' Tax Provision Arctic Refuge's Oil Potential Speeding Up Gas
`Devastating' Tax Provision Arctic Refuge's Oil Potential Speeding Up Gas Exports
By Chuck McCutcheon
Now that the Senate has passed its tax overhaul, t beseeching tax writers--who are negotiating with t warns could cripple that sector.
ewable energy industry is use--to fix a provision it
The Senate-approved proposal preserved some of the tax credits that have led to great growth in the wind and solar industries. But the bill threatens a key source of wind and solar financing from big companies, including JPMorgan Chase & Co. and Bank of America Corp.
I x-equity deals, renewable-energy developers sell portions of their projects' tax
credits to corporations--often banks and some insurance companies--that can
apply the credits to their own tax bills. The Senate version includes a provision that
impc
mum tax on these companies' foreign transactions. If they have to
pay a minimum tax, they may no longer have any need for the credits acquired
through tax-equity deals.
"The impacts are potentially devastating," American Council i President Gregory Wetstone told Bloomberg News.
newab ' i rgy
Meanwhile, industries such as coal and nuclear that didn't get provisio
> the ta;
overhaul may get a second chance before the end of the year. Tens of billions of
dollars in expiring tax incentives could be attached
st-pass government
funding legislation.
late's tax overhaul also includes language to open Alaska's Arctic Nationa
Wild!
fuge to oil leasing. That swath of land is thought to hold greater potential
for new oil discoveries than any other
inshore area, Alan Kovski explains in a
story being published this week.
Tl
eological Survey doesn't expect super-giant oil fields like Prudhoe Bay
will be found in ANWR, but there is thought
od chance of finding large
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fields--holding hundreds of millions of barrels each--that are on a scale similar to discoveries announced in recent years on the North Slope in state onshore and offshore areas and in the National Petroleum Reserve-Alaska.
nate Energy and Natural Resources Committee's panel on energy is
talking about seven bills at a hearing today, includi
sure addressing one of
th
np administration's energy goals: speeding up exports of liquefied natural
gas to other countries..
The bill by Republican Sens.. Bill Cassidy of Louisiana and Marco Rubio of Florida aims to codify into law an Energy Department proposed rule that is intended to expedite the approval of small-scale LNG exports to the Caribbean, Central America, and South America. The bill would cover exports equal to or less than
ion cubic feet per year.
Tl t ergy Department's rulemaking is in response t' ' mmp administration
executive order requiring federal agencies to find ways to
strictions to
"unleash" more domestic energy resources.
scca Kern will cover the hearing.
Other Stories We're Covering
The independent, quasi-judicial U.S. International Trade Commission will vote
today on whether to pave the way for anti-subsidy duties on biodiesel from
Argentina and Indones
lecision in favor of duties would be a victory for
the National Biodiesel Bo: i ' ir i Coalition, which argues tl h I is
unfairly subsidized and being dumped in tl
prices below production
costs.
Trump's decision to shrink two Utah national monuments will be followed by
decisions on other national monuments
sort on the decisions--originating
with recommendations from Interior Secretary Ryan Zinke--will be released
this week, the White House said.
The Senate energy committee considers nominations of Timothy Petty to run
Interic
ogical Survey and Bureau of Reclamation and Linda
Capuano to be the head of th m rgy Department's research an oecca
Kern is covering.
The German Marshall Fund is hostii I >rum or
climate action, includinc
looking at cities' and regions' roles in implementing international climate policy.
Dean Scott is monitoring.
Around the Web
A tugboat on London's Thames River in heavy smog in 1952.
Photo by Fox Photos/Hulton Archive/Getty Images
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Sixty-five years ago this week, London's
Quote of the Day "How would we all feel if 5 percent of trucks didn't have to stop for a school bus or abide by the speed limit?" --Robert Nuss of Nuss Truck & Equipment,
Today's Events All Day Clean Water Act The American Law Institute-Continuing Legal Education and the Environmental Law Institute
Forali of today's Bloomberg Environment headlines, visit
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