Energy Companies Reap Tax Breaks As They Brace For Virus Impact

Oil and gas, coal, and electric companies are reporting hundreds of millions in tax refunds and deferrals made available by a sweeping pandemic relief law.

That is because the industry’s financing and capital expenses generally put it in a good position to take advantage of the tax benefits in the third coronavirus response law (Public Law 116-136) ahead of the downturn resulting from the coronavirus pandemic, tax professionals say.

In the weeks after that law, known as the CARES Act, offered the tax breaks, companies across the energy sector reported that they’re at heightened risk of taking ...