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ARTICLE · 21 DECEMBER 2015

Energy Industry Impacted By Consolidated Appropriations Act's Tax Code Changes

Holland & Knight
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The U.S. Senate has passed H.R. 2029, the Consolidated Appropriations Act of 2016. The measure, which was approved Friday morning, Dec. 18, funds the government for the remainder of the fiscal year...

United StatesEnergy and Natural Resources
Beth Viola
Beth Viola
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Virgilio Barrera is a Public Affairs Advisor and Beth Viola is a Senior Policy Advisor in Holland & Knight's Washington D.C. office

The U.S. Senate has passed H.R. 2029, the Consolidated Appropriations Act of 2016. The measure, which was approved Friday morning, Dec. 18, funds the government for the remainder of the fiscal year (through September 30, 2016) and includes several important changes to the tax code that will impact the energy industry.

Bill Highlights

Among its key provisions affecting the energy sector, H.R. 2029:

  • repeals the ban on oil exports immediately
  • provides a tax credit to oil refiners for their oil-transportation costs
  • extends through 2020, with a phaseout, the wind Production Tax Credit (PTC)

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