Treasury says the incentives distort market, risk energy security Senate Finance advances clean energy bill with similar repeals US President Joseph Biden proposed eliminating a slew of tax benefits for oil, natural gas, and coal producers in favor of electric vehicle and other low-carbon energy alternatives as part of his $6 trillion budget for the next fiscal year. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Repealing the measures will save the government $35 billion over the next 10 years and raise an additional $86 billion by reforming the taxation of foreign fossil fuel income, according to Biden administration estimates. The Department of the Treasury said the tax preferences that Biden wants to slash “distort markets by encouraging more investment in the fossil fuel sector than would occur under a more-neutral tax system.” “This market distortion is detrimental to long-term energy security and is […]