House again considers oil and gas tax hikes
Tax increases on the US oil and gas industry are again under consideration in Congress.
By OGJ editors
HOUSTON, Dec. 5 -- Tax increases on the US oil and gas industry are again under consideration in Congress.
Energy legislation expected to be introduced soon in the House of Representatives includes a tax package that would roll back oil and gas industry incentives worth an estimated $13 billion.
Also under discussion is exclusion of oil and gas companies from an imminent increase in a manufacturers' tax deduction, according to press reports.
The House earlier passed an energy bill that included essentially the same tax hikes on the oil and gas business and used proceeds to fund development of other energy sources.
Reconciliation of that bill with energy legislation passed by the Senate never occurred.
House leaders recently revived work on energy legislation with a measure that initially excluded tax increases, which President George W. Bush has listed as one of several reasons to veto an energy bill (OGJ Online, Nov. 30, 2007).