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The New York Times reported last week that GE owed nothing in federal income taxes in 2010 despite earning $14 billion, about a third from its U.S. operations.
The company said, however, it expects to owe the government a small amount in 2010 when it files its return in September. GE also said it paid about $1 billion in other federal, state and local taxes.
Obama proposes ‘green tax’ incentives
By Stephanie Kirchgaessner and Jeremy Lemer in New York
Published: February 3 2011 11:00 | Last updated: February 3 2011 23:17
Barack Obama is proposing to cut oil and gas subsidies to make way for new “green energy” tax incentives designed to encourage US businesses to upgrade their commercial buildings and make them more efficient.
The move was intended to spur job growth in the construction industry and make commercial buildings 20 per cent more energy efficient by 2020. The White House declined to comment on the cost of the expanded tax credits, but said Mr Obama was “committed” to paying for the investments.
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“I’ve asked Congress to eliminate the billions in taxpayer dollars that we currently give to oil companies. They are doing just fine on their own. So it’s time to stop subsidising yesterday’s energy; it’s time to invest in tomorrow’s,” Mr Obama said in a speech in Pennsylvania, where he announced the proposal.
If the changes to the tax code are adopted, the initiative could benefit companies such as United Technologies, Honeywell and Emerson Electric, which make energy-efficient building elements and controls including high performance elevators, thermostats and air conditioning parts.
The new proposal would increase the tax credit offered to building owners and real estate investment trusts to retrofit their properties.
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