[fullwidth background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” border_color=”” border_style=”” padding_top=”20″ padding_bottom=”20″ padding_left=”0″ padding_right=”0″ hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=””][title size=”1″ content_align=”left” style_type=”underline solid” sep_color=”#000000″ margin_top=”” margin_bottom=”” class=”” id=””]Democrats seek long-term extension of wind power subsidies and reauthorization of the lapsed Land and Water Conservation Fund in return for ending the ban on oil exports[/title][fusion_text]Thursday, December 10th 2015
Democrats are seeking a long-term extension of wind power subsidies and reauthorization of the lapsed Land and Water Conservation Fund in return for ending the ban on oil exports. Republicans are seeking to use negotiations on a broad year-end tax package to lift the oil export ban as well as to make the popular Section 179 expensing allowance and research and development tax credit. Republicans have suggested the package would likely phase out the production tax credit for wind power over five years, but Democrats are demanding longer extensions of that as well as the tax credit for solar development. The conservation fund has been around for a long time — 50 years — and has always been funded under its budget cap of $900 million. Most of the funding comes from fees paid to the federal government for offshore drilling, and gets distributed in grants and matching funds to state and local governments to buy land to establish parks, or to establish easements that protect forest and wildlife habitat. The negotiations are tied up with broader talks over fiscal 2016 spending legislation, and House Democrats have raised objections about the overall cost of the tax package that is being discussed. Reports have the cost rising as high as $800 billion over 10 years. If the talks fail, the likely fallback for lawmakers is a straight extension through 2016 of the expired tax provisions, which include the renewable energy credits as well as the expanded Section 179 allowance, the R&D credit and a 50-percent bonus depreciation provision.
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