The Inflation Reduction Act may save the fossil fuel industries ...Middle East

The Hill - News

The Inflation Reduction Act moved through Congress quickly, passing the Senate last week and the House on Friday — allowing for little time to understand the importance of tax credits for fossil fuel companies. The bill includes amendments to the federal 45Q tax credit program for carbon capture use and sequestration (CCUS) and their implications for fossil fuel industries and the U.S. budget. By indiscriminately ramping up the 45Q program’s carbon credits by 70 percent across the board, the bill threatens to hand out tens of billions of dollars in windfall tax credits to oligarchs and provide decades of public subsidies to all fossil fuel industries. After a review of this program’s pot

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Last updated : 14 August 2022 clock 08:28 PM

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The Inflation Reduction Act may save the fossil fuel industries ...Middle East

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