Bill to repeal foreign tax credit introduced in US House

US House Rep. Julia Brownley (D-Calif.) has introduced a bill that would repeal the foreign tax credit, a provision US multinational oil companies consider essential for them to compete with overseas enterprises that receive government subsidies.

Nick Snow

Jan. 31, 2019

The measure would redirect the money to the Surface Transportation Block Grant (STBG) program, which helps states and localities fund infrastructure projects, Brownley said on Jan. 30.

“Our nation’s roads, bridges, and transit systems are in dire need of repair. What better way to invest in our nation’s crumbling infrastructure than by getting rid of a tax windfall for Big Oil?” said Brownley, who was elected to her first term in 2012 and is a member of the House Transportation and Infrastructure Committee.

Contact Nick Snow at [email protected].

About the Author

Nick Snow

NICK SNOW covered oil and gas in Washington for more than 30 years. He worked in several capacities for The Oil Daily and was founding editor of Petroleum Finance Week before joining OGJ as its Washington correspondent in September 2005 and becoming its full-time Washington editor in October 2007. He retired from OGJ in January 2020.