Treasury IG: A decade of carbon-capture tax credits were faulty - Roll Call

Source: Roll Call - View Original Article
Published: Apr 30, 2020
Category:
Bias Rating:

81% Conservative


Bias Score Calculation:


Policies:

Environmental Regulations

Sentiments

85% "The 10 companies, which collected 99.9 percent of the credits from that billion-dollar pool shared by 672 firms, were not identified in a letter ..."
60% "Nor did the letter make clear if the credits in the federal program known as 45Q were claimed by corporate or individual taxpayers, though ..."
59% "Of the 10 taxpayers that collected almost all of the credits, three followed EPA rules, three are under audit and four were out of ..."
55% "The IRS took action against those four and it withheld $531 million of the roughly $900 million in credits after it reviewed tax records.""
52% "The inspector general made its review after years of requests from Finance Committee member Sen. Bob Menendez, D-N.J. to scrutinize how the government has ..."
-68% "Of nearly $1 billion in carbon-capture tax credits sought through 2019, $893 million was submitted in ways that didn't meet EPA rules Ten companies claimed ..."
-72% "In part, he said, the discrepancy is based on taxpayers reporting amounts of carbon dioxide sequestration to the IRS without reporting the amounts to ..."
-81% "George said in the letter that the levels of sequestered carbon dioxide emissions reported to the IRS did not match up with the figures ..."


*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization

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Contributing sentiments towards policy:

85% : The 10 companies, which collected 99.9 percent of the credits from that billion-dollar pool shared by 672 firms, were not identified in a letter from Treasury Inspector General for Tax Administration J. Russell George to a member of the Senate Finance Committee.
60% : Nor did the letter make clear if the credits in the federal program known as 45Q were claimed by corporate or individual taxpayers, though the program is intended for companies.
59% : Of the 10 taxpayers that collected almost all of the credits, three followed EPA rules, three are under audit and four were out of compliance, according to the report.
55% : The IRS took action against those four and it withheld $531 million of the roughly $900 million in credits after it reviewed tax records.
52% : The inspector general made its review after years of requests from Finance Committee member Sen. Bob Menendez, D-N.J. to scrutinize how the government has implemented the program.
32% : Of nearly $1 billion in carbon-capture tax credits sought through 2019, $893 million was submitted in ways that didn't meet EPA rules Ten companies claimed almost every penny of $1 billion tax credits for capturing carbon emissions from 2010-2019, and $893 million worth of those credits were submitted in ways that didn't meet EPA rules under the incentive program, according to a Treasury Department watchdog.
28% : In part, he said, "the discrepancy is based on taxpayers reporting amounts of carbon dioxide sequestration to the IRS without reporting the amounts to the EPA as required."
19% : George said in the letter that the levels of sequestered carbon dioxide emissions reported to the IRS did not match up with the figures reported to EPA, which were lower.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization

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