Well, not quite. But I find it interesting to see how much revenue the government loses by giving tax breaks to certain groups in the energy arena.
Unsurprisingly, oil and gas producers are projected to do well in the 2006-10 period. While unconventional fuel producers also do well, interestingly the current plans (as of March 31) seem to show declining “tax expenditures” for unconventional fuel producers in the out years. See these excerpts from Table 1, pages 30-32 of Estimates Of Federal Tax Expenditures For Fiscal Years 2006-2010, JCS-2-06 (April 25, 2006):
Excerpt from Table 1 of Estimates Of Federal Tax Expenditures For Fiscal Years 2006-2010, JCS-2-06 (April 25, 2006), pages 30-32.
Since this table is not very clear, here is a Download file for the PDF file of the relevant pages.
In brief, for the 2006-2010 period, going to corporations for (i) expensing exploration and development of oil, natural gas and other fuels, $5.6 billion; (ii) excess of percentage of cost depletion, 5.3 billion; (iii) tax credit for unconventional fuel production, $8.8 billion; and tax credit for production from renewable resources, $29.4 billion. Going to households for (i) tax credit for purchases of new and existing qualified energy efficient homes, $0.6 billion; tax credit for purchases of energy efficient appliances, $0.2 billion; and (iii) tax credit for purchases of alternative technology vehicles, $0.8 billion.
By the way, here is a formal definition of a “tax expenditure”:
From page 2 of Estimates Of Federal Tax Expenditures For Fiscal Years 2006-2010, JCS-2-06 (April 25, 2006).