The U.S. Senate finance committee has proposed giving independent oil producers some relief from the Alternative Minimum Tax (AMT) provisions in current federal law. The measure was added to a tax relief package the full Senate is expected to consider this week. The House of Representatives passed a tax relief bill last week, but it did not give independents AMT relief. The finance committee made three changes to a "special energy deduction" provision intended to help independents in a 1990 tax law. Because that approach was used, the AMT changes would not apply to major oil companies. Also, the committee did not alter independents&...

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