Labrador wants to ax green energy incentives

Idaho Congressman Raul Labrador wants to do away with green energy incentives, and instead cut corporate tax rates. Labrador held a press conference in Washington, D.C. today, joining anti-tax activist Grover Norquist, to announce that he’s co-sponsoring legislation to do away with “all energy subsidies,” including tax incentives for plug-in electric and fuel cell vehicles, the production tax credit for renewable energy, the investment tax credit for equipment powered by solar, fuel cells or geothermal, and the credit for producing oil and gas from marginal wells. “Instead of America’s hardworking taxpayers footing the bill for billions of dollars in government subsidies, our legislation would empower the free market to determine which forms of energy our families and businesses use each and every day,” Labrador declared. The measure is sponsored by Rep. Mike Pompeo, R-Kansas; Labrador said it would eliminate $90 million in energy tax subsidies over the next 10 years, while reducing the corporate tax rate by a like amount. Groups backing it include Norquist’s Americans for Tax Reform, the Club for Growth and Americans for Prosperity, a group backed by oil billionaire David Koch.