WATCHING WASHINGTON SMALL PRODUCER TAX BREAK?

With Patrick Crow If Congress passes a tax bill this session, chances appear good it may contain a sweetener for small U.S. oil producers. Leaders of congressional tax writing committees have agreed on a tax simplification bill that would, among other things, reduce reporting requirements for oil and gas partnerships and facilitate such investments. The Bush administration supports the legislation, if it can be kept revenue neutral. The congressional joint tax committee is analyzing the bill.