Ending Oil Insutry Tax Breaks
Recent Developments in Congress
Legislation introduced by Senator Robert Menendez (NJ-D) targeting oil industry tax benefits is expected to come to the full Senate for a vote in the next week. The bill would repeal tax benefits for “major integrated oil companies” — that is, the five largest — thereby increasing Federal revenues by approximately $21 billion over 10 years. Among other provisions, S. 940, the Close Big Oil Tax Loopholes Act, would prevent the largest oil companies from claiming a domestic manufacturing deduction that has been available since 2005. In a letter to Senate Republicans, Senator Menendez and Majority Leader Harry Reid (NV-D)…
