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HILL TAX BRIEFING: Biden Seeks to Nix Fossil Fuel Incentives

Jan. 28, 2021, 11:17 AM

President Joe Biden is pushing the government to replace fossil fuel incentives with new ways to deploy clean energy infrastructure, after signing a series of directives on climate change yesterday.

“Unlike previous administrations, I don’t think the federal government should give handouts to big oil to the tune of $40 billion in fossil fuel subsidies,” Biden said in remarks at the White House.

Congress—where Democrats hold narrow advantages in both chambers—would need to take action to eliminate the tax breaks that encourage fossil fuel development, including deductions for intangible drilling costs.

Other planned changes from Biden include freezing new oil ...

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