New Texas gas tax bill is designed to benefit the gas industry
A bill designed to help the gas and electric utilities compete with renewables has been signed into law by Gov.
The legislation, SB 2, aims to help power plants generate electricity by providing tax credits that go to electric utilities.
The tax credit program, which is not yet fully operational, will give utilities a tax break for using electricity generated by solar, wind, geothermal and biomass plants to power the electrical grid.
It will also help power stations and generators get a $2,000 tax break in addition to the normal rate.
It’s not yet clear how much tax revenue the tax credit would bring in, or how much it will cost the utility.
But a study by the Center for Energy and the Environment shows that the credits generate enough revenue to cover a portion of a utility’s costs of generating electricity, even after taxes are added to the bill.
Under the bill, the utilities that are eligible to receive the tax break would receive a $5,000 credit for each megawatt of electricity they generate from renewable sources.
The credits would increase to $10,000 for each kilowatt of solar, $20,000 each for each wind turbine, and $30,000 per megawater for each biomass plant.
The credit will be phased out after 10 years.
This year’s version of the bill was approved by the Texas Legislature in the waning hours of last week’s session, and the bill has yet to be signed into legislation.
The legislation was not made public until Monday.
The bill comes amid growing opposition to the state’s gas tax, and Texas has already spent billions to help prop up the oil and gas industry.
A study by The Austin Chronicle found that Texas spent $1.1 billion to help fossil fuel companies drill for oil in the state, but more than half of that money went to companies that did not have to pay any taxes on those profits.
The study also found that the state lost $10 billion on its coal production in the first two years of the law.