Joint Committee on Taxation Estimates Cost of Renewable Energy and Job Creation Tax Act of 2008

On September 25, the Joint Committee on Taxation released a report estimating the cost of HR 7060, the Renewable Energy and Job Creation Tax Act of 2008. According to the report, the Act will raise revenue nearly $1.9 billion between 2009 and 2013 and $67 million between 2009 and 2018. Energy tax incentives would cost $14.3 billion from 2009 to 2018; extensions and other temporary provisions are estimated to cost $42 billion between 2009 and 2018; and additional tax relief and other tax provisions are estimated to cost $4 billion between 2009 and 2018.

Posted by Shannon Morris, Associate Editor, Wealth Strategies Journal