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World Biofuels
Symposium
November 13-15, 2005
Beijing, China
2nd Annual Canadian Renewable Fuels Summit
December 13-15, 2005
Toronto, Ontario, Canada
Hosted by:
Candadian Renewable Fuels
Association
National Biodiesel
Conference & Expo 2006
February 5-8, 2006
San Diego, California
Organizer:
National Biodiesel Board
11th Annual
National Ethanol Conference: "Policy & Marketing"
February 20-22, 2006
Las Vegas, Nevada, USA
Sponsored by:
Renewable Fuels Association
22nd
Annual International Fuel Ethanol Workshop & Expo
June 20-23, 2006
Milwaukee, Wisconsin, USA
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Posted on
October 17, 2000Senators say U.S tax breaks favor oil vs renewables
A U.S. General Accounting Office report released on Thursday shows a historically large disparity between tax incentives for the oil industry and tax breaks for renewable alcohol fuels, like ethanol.
The GAO report was trumpeted by three farm-state Democratic senators -- Iowa's Tom Harkin, Minnesota's Paul Wellstone and Richard Durbin of Illinois -- as evidence for the need to increase tax incentives for domestic renewable alcohol fuel development.
"What have all these tax breaks gotten us? We are now more reliant on foreign oil than ever before," Harkin said.
He said the U.S. currently imports 56 percent of the oil it consumes, compared to 36 percent during the 1970s oil crisis.
The GAO found that over the past 32 years the oil industry received $82 billion in percentage depletion deductions, $42.9 billion through expensing of exploration and development costs and $8.4 billion in tax credits for production of nonconventional fuels.
By comparison, renewable alcohol fuels have received $11.2 billion through a partial exemption from the fuel excise tax and $200 million in income tax credits.
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