Washington (Platts)--21Mar2012/314 pm EDT/1914 GMT
US Senate Majority Leader Harry Reid is expected to bring to a vote next week legislation that would repeal tax breaks for big oil companies while extending financial incentives for renewable and low-emission energy resources. Called the Repeal of Big Oil Tax Subsidies Act of 2012, the bill (S. 2204) was introduced Tuesday by New Jersey Democrat Robert Menendez and cosponsored by Reid, a Nevada Democrat. It contains several tax proposals -- both credit extensions for renewables and credit repeals for oil -- that have failed in previous votes before the Senate. Article continues below... Request a free trial of: Inside Energy Inside Energy and its companion, Inside EnergyEXTRA, bring you reporting on energy policy developments in the U.S. government and how policy decisions and implementation impact the production, delivery, and use of energy resources. Content includes oil, natural gas, electricity, coal, nuclear energy, renewable energy and energy efficiency. Inside Energy has covered U.S. energy policy for more than 30 years, and our team of veteran editors and reporters offers insight unsurpassed in the industry.
US Senate Majority Leader Harry Reid is expected to bring to a vote next week legislation that would repeal tax breaks for big oil companies while extending financial incentives for renewable and low-emission energy resources. Called the Repeal of Big Oil Tax Subsidies Act of 2012, the bill (S. 2204) was introduced Tuesday by New Jersey Democrat Robert Menendez and cosponsored by Reid, a Nevada Democrat. It contains several tax proposals -- both credit extensions for renewables and credit repeals for oil -- that have failed in previous votes before the Senate.
Article continues below...
Inside Energy and its companion, Inside EnergyEXTRA, bring you reporting on energy policy developments in the U.S. government and how policy decisions and implementation impact the production, delivery, and use of energy resources. Content includes oil, natural gas, electricity, coal, nuclear energy, renewable energy and energy efficiency. Inside Energy has covered U.S. energy policy for more than 30 years, and our team of veteran editors and reporters offers insight unsurpassed in the industry.
These include repealing subsidies for oil and natural gas companies, including the foreign tax credit rules, certain allowable deductions and Outer Continental Shelf deepwater and deep gas royalty relief. The bill's tax breaks include the extension of tax credits for wind energy, cellulosic biofuel, and Indian coal until January 1, 2014, and resurrecting expired tax breaks for biodiesel and renewable diesel, refined coal and energy efficient homes and appliances through the end of this year. The credit for advanced energy projects also would be raised from $2.3 billion to $4.6 billion. The Senate rejected similar provisions for alternative energy on March 13 in a 49-49 vote on an amendment by Michigan Democrat Debbie Stabenow to the federal transportation reauthorization bill (S. 1813). The Republican-controlled House of Representatives would be expected to reject the Menendez bill should it muster the 60-vote majority needed to clear the Senate.--Cathy Cash, cathy_cash@platts.com
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