Committee to Probe Energy Tax Issues for First Time Since Wyden Took Over

While comprehensive tax reform has been on Congress' back burner for most of the year, a Senate hearing this week could shed some additional light on what an eventual overhaul of the tax code would mean for oil companies, renewable energy developers and others in the energy industry.

The Finance Committee on Wednesday will hear from industry representatives and economists on the dozens of permanent or temporary incentives sprinkled throughout the tax code designed to support all types of energy, from the permanent deduction oil companies can take to cover "intangible drilling costs" to the now-expired production tax credit for wind, biomass and other renewable electricity.

Among those scheduled to testify are former Sen. Don Nickles (R-Okla.), a onetime chairman of the Budget Committee who also served on the Finance and Energy and Natural Resources panels.  Now a lobbyist, Nickles has represented several energy companies through the years, and he previously served on the board of directors of Chesapeake Energy Corp.

This week's hearing will be the first on energy tax policy since Sen. Ron Wyden (D-Ore.) took over as chairman of the Finance Committee, following Max Baucus' departure in February when he became the U.S. ambassador to China.

Committee to Probe Energy Tax Issues for First Time Since Wyden Took Over