The Republican president’s massive, trillion-dollar stimulus plan to revitalize U.S. energy infrastructure, which includes the controversial wind and solar power plants, has been a boon to Trump, whose presidency has been marked by high unemployment and stagnant wages.
But the $1,600 tax credit that was promised for wind and other clean energy projects has so far gone mostly to big-time corporations and the fossil fuel industry.
As of April 10, the Trump administration had awarded $1 billion in clean energy tax credits to 14 companies, including three that are run by Trump associates, according to a new report from the progressive advocacy group 350.org.
The administration has yet to release the names of the companies that received the tax credit, or their financial impact, according a summary of the report obtained by Bloomberg News.
Trump is set to meet with the top two executives of wind developer FirstEnergy on Tuesday to discuss a possible new $1 trillion wind and electric infrastructure investment program.
The tax credit will benefit both fossil fuel companies and small businesses.
But environmentalists say the tax credits have been largely used to support the fossil-fuel industry.
Trump has claimed the tax breaks will create jobs, but the White House has said the program will be a boon for corporations and big investors.
FirstEnergy and other wind and biomass companies are spending millions of dollars lobbying to get the tax break, Bloomberg reported in March.
The $1 million tax credit for wind power projects would be distributed to the projects in a lottery system, according an outline of the program provided by the White, House Office of Management and Budget.
Companies that receive a tax credit must submit plans for how to spend the money and how to pay for it.
Companies can use the tax rebate money for a variety of things, including research and development to develop new projects, training of workers, and to offset environmental damage caused by their projects, the administration’s draft budget says.
The draft budget also does not outline how companies that receive tax credits will be allowed to deduct any costs associated with the projects.
It is unclear how much the tax incentives would be used to build or operate the proposed projects.
The Energy Department has not yet released the plan’s budget numbers.
The proposal to use the money for wind energy tax incentives was first reported by Bloomberg.