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&...