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House Democrats Target $40 Billion in `Big Oil’ Tax Breaks
Feb. 10, 2011 04:11PM PST
Oil and Gas InvestingBloomberg reports that U.S. House Democrats are seeking to end tax breaks for oil companies.
Bloomberg reports that U.S. House Democrats are seeking to end tax breaks for oil companies.
The market news is quoted as saying:
The bill, which needs support from Republicans who run the House, would repeal 10 tax breaks and subsidies, targeting the largest producers. It would rescind a tax break for domestic manufacturing, a credit to spur production of “marginal” wells and a policy that credits companies for taxes they pay overseas.