Oil Industry Wants to Avert Big Minimum Tax Hit on Green Credits

The US should negotiate a favorable global minimum tax treatment for US green energy credits, the American Petroleum Institute told the Treasury Department in a letter on Wednesday.

Under the 2022 tax-and-climate law, energy developers can sell some credits, over a process known as transferability, which they may choose to do when they receive a bigger tax credit than they can use. Investors— many of them expected to be large corporations— can buy the credits at a discount, helping the investing companies save money on their taxes while bringing funding to the clean energy projects.

The oil and ...