|
|
Article: Oil industry rushes to plug tax leaks on finance committee budget proposal.(opposition to Senate Finance Committee tax bill)
- Article from:
- The Oil Daily
- Article date:
- October 16, 1995
- Author:
CopyrightCOPYRIGHT 1995 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
The oil industry was scrambling at the end of last week to keep its finger in the leaky dike of Senate budget tax proposals.
A draft outline of the Senate Finance Committee's tax bill, which could be finalized and released as early as today, would extend the Superfund taxes and the oil spill liability tax to 2002.
While the extensions may seem innocuous, they are causing a stir in the oil industry, which doesn't know how far Congress will go to mask deficit reduction and general tax cuts.
For example, the oil spill liability tax is a 5 cents/bbl tax on oil entering refineries and on imported products that turns off once the trust fund reaches a $1 ...