Tax Proposals Target Fossil Fuels in Favor of Green Energy

On May 28, 2021, the Treasury Department released its General Explanations of the Biden Administration’s (the Administration) Fiscal Year 2022 Revenue Proposals (the Greenbook). Taxation Practice Group member Christopher R. Haunschild provides a summary of the proposed tax changes impacting the energy industry, including the elimination of most fossil fuel tax preferences, proposed green energy benefits and an outlook for traditional energy and green energy section participants. More.

For a summary of the Administration’s Greenbook, see our advisory entitled, “Biden Administration Announces Tax Plans.”