The Obama-Reid-Pelosi Troika is welcoming 2010 with seventy-three new tax increases that went into effect on January 1, 2010. Over $1 Billion new tax increases were on energy alone! Surprisingly, most of that was for renewable and more efficient energy sources.
The House has passed legislation (H.R. 4213) that would have prevented these tax increases, but the Senate failed to bring this bill to a vote.
Happy New Year!
New Energy Taxes:
• $3 MILLION tax increase on alternative/hybrid motor vehicles (sec 30B(k)(3))
• $736 MILLION tax increase on biodiesel and renewable diesel (sec 40A(g), secs. 6426(c)(6) and 6427 (e)(5)(B))
• $20 MILLION tax increase on new energy efficient home building (sec 45L(g))
• $70 MILLION taxes on issuing clean renewable energy bonds (CREBs) (sec 54M)
• $6 MILLION tax increase on advanced mine safety equipment (sec 179E)
• $50 MILLION new taxes on capital costs incurred by small diesel refiners(sec 179B(a))
• $188 MILLION taxes on “brownfields” environmental remediation (sec 198(h))
• $84 MILLION taxes on income attributable to domestic production activities in Puerto Rico (Sec 199(d)(7))
• $67 MILLION new taxes on oil and gas marginal wells (sec 613A(c)(6)(H))
• $94 MILLION tax increase on alternative fuel and alternative fuel mixtures (excluding liquefied hydrogen) (secs. 6426(d)(5) and 6427 (e)(6)(C)
That’s $1,318,000,000 in taxes increases on energy alone! Thank you Congress, keep up the great work!!