Clinton administration opposes tax credits

Patrick Crow Energy Policies Editor The Clinton administration is opposing legislation that would provide tax credits for U.S. producers beset by record low oil prices. The tax-writing House Ways and Means Committee has legislation pending that chairman Bill Archer (R-Tex.) may include in a tax bill this spring. One bill would allow a marginal well tax credit of up to $3/bbl when oil prices are $14/bbl or less, and 50¢/Mcf when gas prices are $1.56/ Mcf or less. The credits would phase out after oil prices rose to $17/bbl and gas prices to $1.89/Mcf. Another bill would create a special 5-year carry-back for certain eligible oil and gas losses. The carry-forwar...

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