Clinton administration opposes tax credits

03/08/1999
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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