Senator Bernie Sanders (I-Vt) has introduced a Bill that would eliminate many of the tax benefits currently granted for oil and natural gas companies while extending renewable energy tax credits through 2020. The “Sustainable Energy Act,” S. 239, would eliminate virtually all government support for fossil fuels, including tax breaks, directly spending on research and development and oil spill damage caps. The Bill also increases royalties for coal mining and oil and gas drilling on federal lands and waters. In addition to extending the production and investment tax credits through 2020, the Bill also funds five years of clean energy manufacturing tax credits.
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