Key Energy-Related Tax Provisions in the 2013 Budget Proposal

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President Obama’s recently released budget proposal for the 2013 fiscal year contains energy related tax provisions, including an extension of the Section 1603 grant in lieu of investment credits through 2012. The Obama administration released its revenue proposal (Proposal) for the fiscal year 2013 on February 13, 2012. The Proposal would expand several energy-related tax provisions, some of which were also proposed in the 2012 revenue proposal, and would repeal others. (See Energy Related Tax Provisions in the President’s 2012 Budget for more information on the energy tax provisions in the 2012 proposal.) Following is a summary of some of the energy-related tax provisions contained in the Proposal and explained further in the U.S. Department of Treasury’s general explanation of the Proposal (Green Book). Please see full article below for more information.

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Published In: Administrative Agency Updates, Energy & Utilities Updates, Environmental Updates, Finance & Banking Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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