Hey fagboy, you and your ignorant fellow libtards keep pretending this is a "special" tax break for handling dirty crude. It's not. It applies to ANY capital investments that expand a refinery's capacity for ANY type of oil. And it was already on the books before the tar sands boom.
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Originally Posted by lustylad
Look, if you are for tax breaks then wtf can I say. But no matter what you call it, a subsidy or a tax break, if is paid for either directly or indirectly by taxpayers. Now here is wtf the article said you ignorant fuck.
The special tax treatment of refinery investments that allows the 50% accelerated depreciation was introduced in the 2005 Energy Policy Act and was targeted at refinery investments that expand the capacity of the refinery. However, in August 2011, the act was amended specifically to extend the tax break to refinery investments that enable the refinery to process tar sands oil or enable an increase in capacity to refine tar sands oil if the new equipment is commissioned between 2008 and 2014. All of these projects qualify.
In 2005 we had not had this huge find via fracking. So while what you say is true , it was also not a reality. Why your dumbass might ask? Because we had not discovered all this sweet crude. Thus no need to expand that refining.
However, in August 2011, the act was amended specifically to extend the tax break to refinery investments that enable the refinery to process tar sands oil or enable an increase in capacity to refine tar sands oil if the new equipment is commissioned between 2008 and 2014.
Do you not understand that these special breaks have distorted the market? Huge investment in first processing Saudi Sour Crude and then Canadian Crude ...in the meantime we discover all this sweet crude. But because of government subsidies we have converted many refineries to Sour Crude.