Tax Breaks and the Energy Sector

James Hamilton breaks it down:

... Unsurprisingly, oil and gas producers are projected to do well in the 2006-10 period. While unconventional fuel producers also do well, interestingly the current plans (as of March 31) seem to show declining "tax expenditures" for unconventional fuel producers in the out years.

... In brief, for the 2006-2010 period, going to corporations for (i) expensing exploration and development of oil, natural gas and other fuels, $5.6 billion; (ii) excess of percentage of cost depletion, 5.3 billion; (iii) tax credit for unconventional fuel production, $8.8 billion; and tax credit for production from renewable resources, $29.4 billion. Going to households for (i) tax credit for purchases of new and existing qualified energy efficient homes, $0.6 billion; tax credit for purchases of energy efficient appliances, $0.2 billion; and (iii) tax credit for purchases of alternative technology vehicles, $0.8 billion.