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Card Consolidation Credit Debt Twenty years ago people thought we might be able to squeeze oil out of shale or even coal, helping slash our reliance on foreign petroleum. A generous tax credit was created to encourage these "synthetic" fuels. The idea of shale oil and synthetic fuels is long gone. But the tax credit has morphed into a giveaway that lets power and other companies turn ordinary coal into tax breaks worth hundreds of millions of dollars.

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Credit Union It's a scheme that costs taxpayers $600 million to $800 million a year, and it is corporate welfare that should be stopped.

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Merchant Credit Guide Co The financial alchemy for this scheme moves as far away from the original intent of the synthetic fuel law as possible. We don't save foreign oil, we don't get a new, cleaner-burning fuel. Instead, coal, even ordinary, high-polluting coal, is sprayed with latex, waste oil, pine tar or asphalt. It still burns like regular coal, but it now qualifies for a $26-a-ton tax credit.

5. Theres a federal tax deduction for hybrid cars; the new hybrid car tax credit is divided into two parts with tax credits ranging from $400 to $3400. The great news is that a credit is much better than a deduction since the credit does reduce the taxes that are owed. The deduction simply reduces the amount of taxable income.

Apply Online For Credit Card The Internal Revenue Service made a ruling early on that should have put a stop to this sleight of hand. The IRS said coal had to undergo a "significant chemical change" to qualify for the tax credit. But over the years, industry and coal-state interests managed to subvert the definition of "chemical change," so now adulterated coal qualifies.

Progressive Policy Institute Senior Fellow Paul Weinstein, Jr., suggested consolidating certain tax breaks into four "super incentives." He proposed replacing five education tax breaks with a $3, 000 refundable tax credit for four years of college and two years of graduate school. time and willing to commit to two summers of service. itemizers.

By Card Credit Debt Debt Guide The creative folks in the coal and power industries even found a way around a provision of the law that said only certain pre- existing synthetic fuel plants qualified. They picked up the plants' equipment and moved it from the West to power-generating stations in the Midwest and South.

The Working Families Tax Relief Act of 2004 extends the life of four popular "middle class" tax breaks. The child tax credit is extended at its current $1, 000 per child level, percent income tax bracket will stay at its current level (adjusted for inflation) and two "marriage tax penalty relief" measures will not decrease next year.

Credit Repair The latest example involves American Electric Power, a Midwest utility that hopes to use latex-coated coal that would produce just as much pollution as ever but would yield more than $150 million in tax credits.

Active Credit Credit Guide America could still use a genuine synthetic fuel, one that makes us less vulnerable to high gas prices and Mideast instability and helps clean our dirty air. Tarted-up coal isn't it.

Credit Score The synthetic fuel tax credit is a classic example of a well-intentioned government tax break gone bad. The IRS and the Treasury Department should crack down and kill it.

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Topic: Petroleum Industry

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