Oil and Gas Companies Use Tax Cuts in Stimulus, Renewables Promised Tax Credit Extension
In what one tax watchdog called a “stealth” bailout, dozens of oil and gas companies are taking advantage of provisions in the CARES law to write off losses right away and get an immediate tax refund against prior years’ earnings going back to 2018, according to Bloomberg News.
Why This Matters: These refunds also carry forward – so oil and gas companies can expect to pay zero taxes for years to come, according to Bloomberg.
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