US Senate rejects bill aimed at five majors' tax deductions

05/23/2011
Nick SnowWashington EditorThe 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.The Senate voted 48 to 52 on May 17 to move the bill forward. The measure also would have eliminated suspension of royalties from deepwater production on the US Outer Continental Shelf and deep natural gas production, and would have dedicated any revenue the measure produced, once it was enacted, ...
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