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US House Tax Chairman Writes Bill To Cut Oil Tax Breaks January 12, 2007

Posted by notapundit in Congress, Politics, US News.
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WASHINGTON (Dow Jones)–House Ways and Means Chairman Charles Rangel on Thursday introduced a bill to deny Big Oil companies billions of dollars worth of tax incentives.

“We are rolling back subsidies for big oil to invest in alternative energy and find solutions to our nation’s energy problem,” Rangel, D-N.Y., said in a statement. “These tax breaks came at a time of record profit for oil corporations and were so large that even the Bush administration called them excessive.”

The bill, co-sponsored by Rep. Nick J. Rahall, D-W.Va. chairman of the House Natural Resources Committee, would disqualify oil and gas companies from receiving a reduced corporate tax rate provided in the 2004 tax bill, “The American Jobs Creation Act.”

Repealing the tax break would raise between $5 billion to $6 billion in tax revenue over the next decade, a House Democratic aide said.

And Democrats intend to reduce the geological write-off for large energy companies by extending the write-off period to seven years from five years. This would raise about $1 billion in tax revenues over 10 years.

The House is set to act on the bill next Thursday.

By Rob Wells, Dow Jones Newswires

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