Tax Beneficiaries of the CARES Act

Fossil Fuel companies have claimed over $3.8 billion in tax refunds through June 2020.

Tax law changes included in the CARES Act loosened net operating loss (NOL) and alternative minimum tax (AMT) restrictions, allowing corporations to carryback operating losses generated since 2018 for up to five years and to immediately claim unused AMT credits. These changes strongly benefit companies within the fossil fuel sector which generated heavy losses in the past three years. Tax refund data will be updated on an ongoing basis as companies disclose refunds.