US Senate rejects bill aimed at five majors' tax deductions

The US Senate refused to invoke cloture and effectively killed S. 940, Robert Menendez’s (D-NJ) bill that would have denied the five largest US oil companies use of the foreign tax credit’s dual capacity provision, the US manufacturers’ tax deduction, the intangible drilling cost deduction, the percentage depletion allowance, and the tertiary injectant expense deduction.

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