U.S. Congress Launches Probe Into Multibillion-Dollar 'Clean Coal' Tax Credit -
"The U.S. Congress is investigating a multibillion-dollar subsidy for chemically treated coal that is meant to reduce smokestack pollution, after evidence emerged that power plants using the fuel produced more smog not less."
Why this is important: Congress is investigating whether a method to clean up coal plant emissions actually works. Currently under U.S. tax law, companies that treat refined coal to reduce mercury, nitrogen oxide and sulfur dioxide qualify for a tax credit worth $7.30 per ton. That adds up to $1 billion per year in tax credits from the U.S. Treasury to utilities and investment firms. Some now are alleging the process does not reduce coal emissions, but instead likely increases smoke stack emissions. Congress now will investigate those claims in the process of deciding whether to renew the credit that expires at the end of the year.
Please see full Newsletter below for more information.