taxes
Newsletter
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Biden administration sets new clean energy funding framework
The Biden administration has finalized tax rules, opening avenues for non-profits to develop low-carbon projects.
In short:
- Nonprofits, for the first time, can receive federal cash up to 30% of a project's value for building clean energy systems.
- The Inflation Reduction Act's direct pay provision aims to democratize decarbonization efforts, especially in disadvantaged areas.
- Some restrictions remain, posing eligibility challenges for certain partnerships and requiring complex navigation of new tax codes.
Key quote:
The rules “are going to go a long way toward reducing carbon emissions and promoting domestic chip manufacturing.”
— Senate Finance Chair Ron Wyden (D-Ore.)
Why this matters:
The policy incentivizes the creation of renewable energy infrastructure in historically marginalized communities, which could lead to improved health outcomes due to reduced pollution. This strategic tax code alteration links local development to the broader national effort of sustainable economic growth and clean energy transition.
Joel Olson: Uncertainty over climate impacts is no reason to shy from a modest incentive to break our fossil fuel addiction.
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Photo by Quinten de Graaf on Unsplash
Romanian gas pipeline is being backed by the EU's tax funds
The European Union is using taxes on pollution to fund a gas pipeline in Romania, claiming it will reduce emissions compared to coal.
Motor Verso/Flickr/Please give credit and link back to www.motorverso.comhttps://creativecommons.org/licenses/by/2.0/
Texas will bill electric vehicle drivers an extra $200 a year
The new registration fee is meant to make up for the state’s lost revenue from gasoline taxes that are used to pay for road construction and maintenance.
Photo by Maxim Hopman on Unsplash
Texas and others create 'punitive' barriers to EV transition
Electric vehicle drivers in Texas have started to get some bad news in the mail. Starting in September, they’ll have to pay the state an extra $200 each year to register their climate-friendly cars and trucks. And if they want to buy another EV, that will cost $400 upfront.
Photo by Charlie Deets on Unsplash
Tesla’s second quarter sales and deliveries rise as tax credits fuel demand
Incentives and price cuts made Tesla electric cars cheaper than comparable gasoline models. But the company faces growing competition in China, a key market.
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Photo by Kelly Sikkema on Unsplash
A wealth tax could help poorer countries tackle climate crisis, economists say
Taxing world’s wealthiest people could help poorer countries shift economies to low-carbon and recover from climate damage.
Photo by the blowup on Unsplash
We should pay people for driving EVs, not for buying them
The current design of government subsidies for purchasing electric vehicles (EVs) isn’t economically efficient, according to a new analysis. The study suggests that replacing broad-based subsidies with more targeted rather ones would offer a bigger carbon-savings bang for the public buck.
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