Senate Bill Gives Giant Tax Break to Big Oil

Senate Bill Gives Giant Tax Break to Big Oil

A provision inserted by Sen. James Lankford (R-OK) would exempt many domestic oil and gas drillers from having to pay any corporate taxes.

U.S. Senate bill proposes $1 billion tax break for oil and gas producers – Oil & Gas 360

(World Oil) – Senate Republicans included a tax break estimated to be worth more than $1 billion for oil and gas producers in their version of President Donald Trump’s sprawling fiscal package. The provision would allow energy companies subject to a 15% corporate alternative minimum tax to deduct certain drilling costs when calculating their taxable income. Companies including ConocoPhillips, Ovintiv Inc. and Civitas Resources, Inc. lobbied in fa

Senate Bill Would Raise Value of Tax Credit to Use Captured CO2 to Produce More Oil - Energy News, Top Headlines, Commentaries, Features & Events

By Valerie Volcovici WASHINGTON, June 17 (Reuters) – A U.S. Senate panel proposed making the tax credit for capturing carbon emissions for recovering oil equal to the $85/metric ton tax credit for permanently burying those emissions underground, a boon for oil and gas producers. The finance committee proposed the change to the so-called 45Q tax ...

Oil industry gets $1B tax tweak in GOP's Senate bill

The provision would allow energy companies subject to a 15% corporate alternative minimum tax to deduct certain drilling costs when calculating taxable income.