Senate turns down bill to eliminate oil subsidies for US supermajors
Senate turns down bill to eliminate oil subsidies for US supermajors: "World Oil News Center
Senate turns down bill to eliminate oil subsidies for US supermajors
On Tuesday, the Senate turned down a Democratic measure to eliminate certain tax breaks for US supermajor oil companies. The proposed bill would have gotten rid of tax incentives totaling $21 billion.
The bill, authored by New Jersey Senator Robert Menendez, would forbid the five supermajors from claiming a domestic manufacturing tax deduction and would eliminate a tax break used by the oil companies to deduct royalties paid to foreign governments.
The group of supermajors arguing against the bill to the Senate last week was led by ExxonMobil Chairman and CEO Rex Tillerson, who explained to the committee that eliminating the proposed tax incentives would discourage investment in US energy projects. Tillerson also stated that it was seemingly unfair to single out the five majors in the introduced bill. “Removing them for a select few US oil and gas companies is therefore nothing less than a discriminatory and punitive tax hike,” Tillerson said.
The bill was turned down in a 52-48 vote, preventing the bill from reaching a required 60-vote threshold for passage.
05/17/2011"
Senate turns down bill to eliminate oil subsidies for US supermajors
On Tuesday, the Senate turned down a Democratic measure to eliminate certain tax breaks for US supermajor oil companies. The proposed bill would have gotten rid of tax incentives totaling $21 billion.
The bill, authored by New Jersey Senator Robert Menendez, would forbid the five supermajors from claiming a domestic manufacturing tax deduction and would eliminate a tax break used by the oil companies to deduct royalties paid to foreign governments.
The group of supermajors arguing against the bill to the Senate last week was led by ExxonMobil Chairman and CEO Rex Tillerson, who explained to the committee that eliminating the proposed tax incentives would discourage investment in US energy projects. Tillerson also stated that it was seemingly unfair to single out the five majors in the introduced bill. “Removing them for a select few US oil and gas companies is therefore nothing less than a discriminatory and punitive tax hike,” Tillerson said.
The bill was turned down in a 52-48 vote, preventing the bill from reaching a required 60-vote threshold for passage.
05/17/2011"
posted by Sandip K. Dasverma at
1:08 AM
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