IN THIS ISSUE
Financing Pollution Control
Any power company planning to install new pollution control equipment should consider whether it is possible to get the US government to pay part of the cost...
Biodiesel roundtable
We hosted a discussion in New York on September 28 on the growing interest in biodiesel projects in the United States...
"Pivot points" in the new energy bill
We hosted roundtable discussions in New York on August 24 and in Houston on September 14 about the massive new 1,724-page energy bill that President Bush signed into law on August 8.
Are subsidiaries really bankruptcy remote?
A US appeals court decision in August is a reminder to lenders that there is a danger that even a “bankruptcy-remote” borrower can have its assets swept up in a bankruptcy proceeding involving ...
Asian and European oil companies outbid US in Libyan tender
The state-owned National Oil Company of Libya announced in early October the results of a licensing round it launched in May 2005 for oil and gas in 26 contract areas...
China moves to encourage renewables projects
A new law to encourage investment in renewable energy projects will take effect in China next January ...
SEC takes aim at lease accounting
Many US companies use lease financing rather than borrow from a bank to buy new equipment...
Toll Road Update - NAFTA Traffic
The federal highway bill signed by President Bush in August earmarks US$833 million for projects within 100 miles of the US borders with Mexico and Canada.
IN OTHER NEWS
Canada
Canada has stopped issuing tax rulings for Canadian income trusts and other flow-through entities ...
A Novel Theory
A novel theory for reducing pollution cleanup costs failed in a US court. Reynolds Metals Co. had to spend $110 million to help clean up a US “Superfund” site ...
Holland
Holland unveiled a new budget in September that cuts the corporate tax rate to 29.6% from the current 30.5%.
India
India ordered an Indian company to withhold income taxes from payments to a foreign consultant.
France
France is considering an “exceptional tax” on oil company profits if oil companies refuse to reduce prices, the French finance minister said in September ...
A Foreign Debt-Swap Plan
A foreign debt-swap plan was a headache for a US company, but the company eventually won in court ...
Securitization Transactions
Securitization transactions by utilities are okay in some circumstances, the IRS said, but the agency said it will not rule on others...
Foreign Tax Claims
Foreign tax claims cannot usually be pursued in the US courts...
Foreign Tax Credits
Foreign tax credits cannot be claimed in the United States for taxes that a US company pays voluntarily to another country.
Foreign Dividends
Foreign dividends were a problem for Amerada Hess Corp. when paying state income taxes in North Dakota...
Minor memos
Another company got back the federal excise taxes that were included on its phone bill for long-distance calls.