Oil companies would lose some $13.6 billion in tax breaks granted in 2004 for domestically produced goods. Exxon Mobil (XOM), Chevron Corp. (CVX), ConocoPhillips (COP), Royal Dutch Shell (RDSA), and BP Plc (BP) would lose the tax breaks entirely. The deduction would be frozen at 6% for smaller oil and gas companies. That deduction had been scheduled to jump to 9% in 2010, as part of a 2004 law that gradually phased in the manufacturing tax break.
Oil companies would also lose another $4.1 billion under provisions that provide less favorable tax treatment for certain kinds of foreign income.
Revenues from the tax increases would be used to “extend tax breaks for investments in solar hot water heaters, wind-power projects and buildings that are designed to be energy efficient.”
Here’s the bill:
By Mr. RANGEL (for himself, Mr. STARK, Mr. LEVIN, Mr. MCDERMOTT, Mr. LEWIS of Georgia, Mr. NEAL of Massachusetts, Mr. BECERRA, Mr. DOGGETT, Mr. POMEROY, Mrs. JONES of Ohio, Mr. LARSON of Connecticut, Mr. EMANUEL, Mr. BLUMENAUER, Mr. KIND, Mr. PASCRELL, Mr. CROWLEY, Mr. VAN HOLLEN, Ms. SCHWARTZ, Ms. CASTOR, Mr. COHEN, Mr. ELLISON, Ms. GIFFORDS, Mr. HALL of New York, Mr. HILL, Mr. HODES, Ms. HIRONO, Mr. JOHNSON of Georgia, Mr. KLEIN of Florida, Mr. MCNERNEY, Mr. SARBANES, Mr. SIRES, Ms. TSONGAS, and Mr. WELCH of Vermont):
H.R. 5351. A bill to amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation; to the Committee on Ways and Means.
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