House of Representatives has voted to repeal $US18bn (?9bn) of tax breaks
for oil and gas producers and use the savings to fund tax incentives for
wind-power projects, solar panels and more energy-efficient cars.
Under the bill, Congress will extend tax credits through to 2011 for newly
built wind farms and other facilities which generate power from renewable
sources such as landfills. The government estimates the cost at $US6.6bn over 10
years, making it the most expensive tax break in the legislation, CCMoney.com
The bill faces opposition in the Senate and a White House veto threat, but it
gave House Democrats an opportunity to promote renewable energy as an
alternative to high-priced oil and to highlight the profit boom in the oil
industry driven by rising prices.
Republicans said they supported extending tax credits for renewable energy
investments which expire at the end of 2008. But they complained taking away tax
breaks for oil companies would drive production overseas, to less stable
countries, and make it harder for US companies to compete in a global economy.
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said