How can BP and Shell use “wind farms” to shelter oil profits from income taxes?
Senator Domenici’s April 2008 letter suggests that Congress may not understand how wind energy tax breaks permit a few large organizations to escape hundreds of millions in tax liability — and shift that tax burden to others. Tax breaks for “wind farms” apparently have helped at least one large corporation avoid paying any federal income tax for at least two years on over two billion dollars in profit. [iii] This brief paper: • Summarizes BP and Shell’s publicly disclosed “wind farm” investments and plans. • Describes several of the most lucrative tax breaks available to BP and Shell. • Estimates the amount of tax liability BP and Shell can escape — and shift to ordinary taxpayers. What are BP and Shell’s “wind farm” investments and plans? Both Shell and BP have “wind farms” in operation in the US and more under construction. Both have aggressive plans to add thousands of megawatts of wind generating capacity in the US in the years ahead. 1. Shell. According to information available fr
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- How can BP and Shell use "wind farms" to shelter oil profits from income taxes?
