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Loose Change: IRS Lost Track of $14 Billion for “Green Energy Projects”

Do you ever wonder where the money saved from tax credits actually goes? Apparently, so does the IRS.

The Daily Caller reports:

A new government watchdog report found that the Internal Revenue service has handed out billions of dollars to support green energy projects, and then failed to mention how the money was spent on building new power generation.

The Government Accountability Office (GAO) reports that IRS tax subsidies to green energy operators “accounted for an estimated $13.7 billion in forgone revenue to the federal government for renewable projects and $1.4 billion for traditional projects” between 2004 and 2013.

That’s a lot of money, but the IRS can’t (or won’t) tell government auditors how much green energy generating capacity their tax subsidies are supporting. The GAO says the IRS “is not required to collect project level data from all taxpayers” who claim an Investment Tax Credit (ITC) or Production Tax Credit (PTC).

The IRS is empowered with the responsibility to enforce who pays more and who pays less in taxes, but none of the accountability to make sure it’s done right. The IRS should not be able to socially engineer the U.S. through its tax code, and stories like this are proof they aren’t even capable of doing such a thing. We need to ditch our “make rules now, figure out the details later” tax code and pass serious reform.

Tom Borelli

Dr. Tom Borelli is a contributor to Conservative Review and is a TV and radio commentator addressing political issues from a conservative grassroots perspective. As a columnist, he has written for ConservativeReview.com, The Washington Times and authored articles for Newsmax magazine. Dr. Borelli is also a regular political panelist on NewsmaxTV and i24 News he also co-hosts radio programs on SiriusXM Patriot with his wife Deneen Borelli. Dr. Borelli appeared on numerous television programs, including the highly ranked Fox News Channel’s “The O’Reilly Factor,” “Hannity,” “The Kelly File," and "America’s News Headquarters." He has also appeared on Fox Business Network’s “Making Money with Charles Payne” and “After the Bell” as well as TheBlaze TV’s "The Glenn Beck Program" and "Dana!" Prior to working for public policy organizations, Dr. Borelli was a managing partner with the investment advisory firm of Action Fund Management, LLC and a portfolio manager for the Free Enterprise Action Fund (FEAF) where he used shareholder activism to challenge corporations that sought to profit from the growth of government. During his 25 years with the Altria Group, Inc., he built a foundation in public policy and issues management, drawing from diverse experiences ranging from basic research to corporate affairs. Dr. Borelli served as science fellow for the U.S. House of Representatives' Committee on Science, Space, and Technology during the 100th Congress. Dr. Borelli has also published scientific papers on interferon and human leukemia.

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