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Full-Text Articles in Social and Behavioral Sciences
Energy Tax Incentives And The Alternative Minimum Tax, Curtis Carlson, Gilbert E. Metcalf
Energy Tax Incentives And The Alternative Minimum Tax, Curtis Carlson, Gilbert E. Metcalf
Gilbert E. Metcalf
We take a first look at limitations on the use of energy-related tax credits contained in the General Business Credit (GBC) due to limitations within the regular corporate income tax as well as the AMT. Between 2000 and 2005, firms were unable to use all energy-related tax credits due to GBC limitations in the regular tax. The AMT has a smaller but still pronounced impact on the ability of firms to use these credits. Finally we provide some illustrative calculations to demonstrate how the AMT can lead to very different levelized costs of producing electricity from a wind power project.
Using Tax Expenditures To Achieve Energy Policy Goals, Gilbert E. Metcalf
Using Tax Expenditures To Achieve Energy Policy Goals, Gilbert E. Metcalf
Gilbert E. Metcalf
Tax expenditures are a major source of support for energy related activities in the federal budget exceeding direct budget support for energy by a factor of nearly six. Focusing on the policy goals of reducing greenhouse gas emissions and petroleum consumption, I find these tax expenditures highly cost ineffective at best and counterproductive at worse. The tax credit for ethanol is an example of a cost ineffective subsidy. The cost of reducing CO2 emissions through this subsidy exceeded $1,000 per ton of CO2 avoided in 2006. A change in the way the subsidy is administered provides an opportunity to measure …
An Empirical Analysis Of Energy Intensity And Its Determinants At The State Level,", Gilbert E. Metcalf
An Empirical Analysis Of Energy Intensity And Its Determinants At The State Level,", Gilbert E. Metcalf
Gilbert E. Metcalf
Aggregate energy intensity in the United States has been declining steadily since the mid-1970s and the first oil shock. Energy intensity can be reduced by improving efficiency in the use of energy or by moving away from energy-intensive activities. At the national level, I show that roughly three-quarters of the improvements in U.S. energy intensity since 1970 results from efficiency improvements. This should reduce concerns that the United States is off-shoring its carbon emissions. A state-level analysis shows that rising per capita income and higher energy prices have played an important part in lowering energy intensity. Price and income predominantly …