Wednesday, October 30, 2013

Fear Is Rising in Oil Industry that Tax Breaks Would Be Axed in Reform Bill

Top oil and gas industry executives testify during a Senate Finance Committee hearing on 'Oil and Gas Tax Incentives and Rising Energy Prices' on Capitol Hill in Washington on May 12, 2011. Seated (l.-r.) are Chevron CEO and Chairman John Watson, Shell Oil US President Marvin Odum, BP America Inc. President and Chairman H. Lamar McKay, ConocoPhillips CEO and Chairman James Mulva and Exxon Mobil CEO and Chairman Rex Tillerson. (Credit: Kevin Lamarque/Reuters) Click to enlarge.
Oil and natural gas lobbyists have spent more than a year urging lawmakers to maintain targeted tax breaks for extracting and transporting their products, but there are signs of a growing fear within the industry that impending legislation to overhaul the tax code for the first time in a generation would eliminate most of those incentives in order to lower the top-line rate paid by all companies.

Fear Is Rising in Oil Industry that Tax Breaks Would Be Axed in Reform Bill

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