Report of the Committee on Tax Developments

Aimed at promoting energy efficiency, conservation, and the development of nonconventional fuel sources, the tax provisions in Title XIX of the Energy Policy Act of 1992 culminated a year of notable tax developments bearing on all segments of the energy industry. These tax provisions of the Energy Policy Act are highlighted below, followed by a summary of 1992's judicial opinions and regulatory decisions and/or regulations issued by the Federal Energy Regulatory Commission (FERC) and the Internal Revenue Service (IRS) affecting (1) regulated electric utilities and natural gas companies; and (2) oil/natural gas production and the generation of electricity