Move in Congress to Open an Oil-and-Gas Industry Tax Break to Solar and Wind Too

first_img FacebookTwitterLinkedInEmailPrint分享Washington Post:One of the biggest boons for the oil-and-gas sector is the use of a legal entity called a master limited partnership, or MLP, which allows firms to lighten their tax loads and get easier access to investment in pipelines and other projects.Now a group of bipartisan senators wants to let alternative sources of energy use that investment and tax vehicle, too.On Wednesday, Sens. Christopher A. Coons (D-Del.) and Jerry Moran (R-Kan.) will introduce a bill designed to allow firms building wind turbines, solar farms and other alternative energy projects to use MLPs.Normally, money made by a publicly traded company is taxed twice — both the corporation and its shareholders pay their own separate tax bills.But an MLP qualifies as what’s known as a “pass through” company — earnings pass through the partnership to the shareholders without being taxed.Since the 1980’s, oil and gas firms create MLPs for individual pipelines, refineries and other energy infrastructure projects. But the current tax code prevents their use in wind, solar hydropower, fuel cell, waste-heat-to-power and energy-efficient building projects — all targets of the Coons-Moran proposal.Unlike other limited partnerships, MLPs can sell off shares in the venture. With access to this particular corporate entity, renewable energy projects could raise capital more easily than they do today.“The United States has the largest and most efficient capital markets in the world,” Moran said in a statement, “yet our renewable energy companies rarely have access to those markets.”Right now, only large institutional investors, such as Google and Goldman Sachs, can make investment plays that take advantage of renewable tax credits. The MLP proposal would, in contrast, “open up to regular people the ability to invest in clean energy,” said Dan Reicher, executive director of the Steyer-Taylor Center for Energy Policy and Finance at Stanford University who helped craft the Coons-Moran proposal.At the same time, a subsidy may lure more of those big institutional funders. “Just allowing these technologies to access MLPs signals to investors to put money into even earlier-stage projects,” said Kurt Waltzer, managing director of the Clean Air Task Force, an environmental group.If the expanded subsidy became law, it would arrive just as solar and wind tax credits are scheduled to wind down over the next five years. Renewable energy advocates like to note that the subsidies propping up wind and solar are temporary while those for oil and gas, like MLPs, are permanent. So they see two paths to parity in the industry: expanding MLPs to nearly all forms of energy, or getting rid of them for everyone.The oil and gas sector, and its allies in Congress, appear to have erected few, if any, roadblocks in the way of going down the first road. The bill throws the oil and gas sector a few bones by granting firms the ability to use MLPs for technologies the sector is developing, including carbon capture and storage, combined heat and power and algae-based fuels.More: Tax debate opens door for renewables to get same break as fossil fuels Move in Congress to Open an Oil-and-Gas Industry Tax Break to Solar and Wind Toolast_img read more

Cricket News Tamil Nadu, Haryana And Maharashtra Cricket Associations Barred From BCCI AGM By CoA

first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. Pune: Tamil Nadu Cricket Association (TNCA), Haryana Cricket Association (HCA) and Maharashtra Cricket Association (MCA) have been barred by the Committee of Administrators (CoA) from attending the BCCI Annual General Meeting in Mumbai on October 23 due to non-compliance in their amended Constitutions. This effectively means that the three non-compliant units will not have any voting rights in case there is an election during the scheduled AGM. “Yes, the CoA has intimated the two state units that they would be debarred from participating in the elections as they have not amended their Constitutions as per Supreme Court orders on August 9, 2018. Maharashtra is also going to be debarred from attending the AGM,” a source close to CoA told PTI on condition of anonymity. CoA chief Vinod Rai, who is currently in the United States, was unavailable for a comment.  The TNCA, which is under the control of former BCCI president N Srinivasan, was supposed to be represented by its secretary SS Ramasaamy while Haryana, under the rule of outgoing treasurer Anirudh Chaudhry, was set to be represented by Mrinal Ojha. Even Maharashtra is going to be debarred from AGM as the Charity Commissioner of the state had found anomalies in their amended constitution. The unit still under the control of former Board secretary Ajay Shirke, was supposed to be represented by Riyaz Bagban. Also Read | Sporting community should ‘ostracise Pakistan’ for supporting terror activities: Vinod Rai The TNCA, which recently elected Srinivasan’s daughter Rupa Gurunath, had 21 violations in their amended Constitution, including non-compliance in age cap (over 70 years), tenure of cooling off period being a few major ones. Even after they complied with a few later on, they didn’t adhere to the major reforms and had taken a tough stand that it is not in CoA’s authority to debar any state unit as their job is to merely file status report on compliance. Haryana and Maharashtra also toed the same line.  Also Read | SC displeased over public ‘sparring’ between BCCI chief and its membersOn part of CoA, their argument is that the elections are being conducted under their watch and no non-compliant association will be allowed to take part in the AGM. A TNCA source confirmed receiving the order of debarment.  “The intimation (on debarring TNCA) from attending BCCI AGM had been received. But it has only been from COA. We will wait for the electoral officer to announce the valid electoral list for the AGM before deciding on future course of action,” the source said.Electoral officer Gopalswami will release the list of eligible state representatives on Thursday. The implication of this decision to debar the state units could be two-fold and the BCCI could be divided on this issue.  In case, there are unanimous choices for the five office-bearers’ post (president, vice president, secretary, joint secretary and treasurer), it won’t mean much even if they are debarred. “If TNCA, Haryana and Maharashtra move court and get a stay on AGM, the CoA stays on. Do we want that? Not me at least as I want to get the board back from CoA on October 23 and take it from thereon,” a former office bearer and Board veteran told PTI.  “In any case, Srinivasan is playing an active role in decision making and is in touch with influential people who would have final say in these matters. So if the posts are pre-decided, CoA’s strategy to not let TNCA, Haryana vote doesn’t hold much ground,” the official said.  This time at the AGM, may be just four to five people will be there who would have attended a big Board meeting, which was a regular feature till 2015.  “Only having first timers is also not a great thing. We need experience to guide as the Board is in a mess,” said a first-time president of a state unit, who could get a major role in the Board’s functioning. Many in the Board believe that once CoA goes, everyone can come around together and decide further course of action. There is a school of thought that India, having lost its position and power of bargaining in the ICC, should get it back and who better than Srinivasan to do that.  “There is no age-cap of representation in the ICC. Mr Srinivasan has been the reason why we had such clout in the ICC. There is no harm if he again represents India at the ICC. We can do that after getting the Board back and for that we should avoid another round of legal tussle,” said a disqualified BCCI veteran.last_img read more

The Latest: Sports stars to be exempt from UK quarantine

first_imgThe Latest: Sports stars to be exempt from UK quarantine Associated Press ___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___The UK government says selected sports stars are to be exempt from quarantine requirements when competing in England.center_img However, those involved will instead live and work in “bubbled” environments behind closed doors, UK culture secretary Oliver Dowden announced on Sunday.The new measures will allow Formula One, international soccer, golf and snooker events to take place. Competitors involved in these events will be granted quarantine exemptions.International cricketers are also now formally exempt, although individual special arrangements have already been made for the touring West Indies and Pakistan teams this summer.Other people essential to the staging of events such as officials, coaches, medics, mechanics and incoming members of the media will also be permitted to travel without quarantine.In return sporting authorities and event organisers must put in place stringent protocols to ensure that they have a minimal impact on public health during the ongoing coronavirus pandemic. July 5, 2020last_img read more