Domestic Taxes

T. Boone Pickens to testify on incentives at Ways and Means energy hearing

T. Boone Pickens, the Texas oil magnate turned green energy advocate, is expected to testify at the Ways and Means Committee hearing on energy tax incentives, sources told The Hill. 

Pickens, with an estimated net worth of approximately $3 billion, is an influential figure in the fight for turning the country on to renewable fuels.

{mosads}He has also been speaking with lawmakers about his plan that seeks to create millions of jobs by, in part, building up the wind energy sector of the country and giving homeowners and businesses incentives to make their structures energy efficient.

The Ways and Means hearing is slated for April 14 and will likely be a media circus because of the attention Pickens usually draws. 

That hearing is expected to focus on ways to create jobs in the energy sector.

“This hearing will examine benefits currently in place and discuss potential for new incentives to further drive job creation, economic growth and reduce our dependence on foriegn oil,” Levin said in prepared remarks.

How the chairman intends to pay for these new incentives remains to be seen. President Obama has advocated ending several tax breaks aimed at the oil industry, which could be used to offset a job-energy package. Rep. Bill Pascrell (D-N.J.) recently told The Hill that closing tax breaks for oil companies have been discussed at committee meetings. 

Since the economic crisis began, approximately $39 billion in energy tax incentives have been enacted. Many of them were focused on stimulating demand for renewable fuels and energy efficient alternatives.

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