OIL COMPANY TAXATION: The House on Jan. 18, 2007, voted, 264 for
and 163 against, to repeal tax breaks designed to spur extraction of
fossil fuels and use the savings of $14 billion over ten years to open
a Strategic Renewable Energy Reserve for developing renewable fuels
and energy efficiencies. The bill (HR 6) was expected
to raise $7.6 billion by denying oil and gas firms eligibility to receive
a 2004 tax benefit intended for domestic manufacturers; $6.1 billion by
undoing certain contracts from 1998- 1999 related to Gulf of Mexico
royalty payments and $300 million by repealing breaks related to
geological studies, National Petroleum Reserve leases, deep gas wells in
the Gulf of Mexico, cost-recovery fees for drilling permits and offshore
drilling in Alaska.
Nick Rahall, D-W.V., said: "What we are doing is repealing subsidies,
repealing royalties, and asking the oil and gas industry to pay their
fair share. There is no tax increase whatsoever in this bill."
Jim McCrery, R-La., said the bill was "singling out oil and gas for
harsher treatment under the Tax Code than any other economic sector
in this country. That is punishing oil and gas….We should try to give a
level playing field to all sectors of the American economy."
A yes vote was to pass the bill.
|
| Official Vote Number |
40 | Yeas | 264 |
| Bill Number | H R 6 | Nays | 163 |
| Date | 18-JAN-2007
| NV | 8 |
|
