While the Senate successfully fought off Democratic efforts to levy a windfall profits tax on the earnings of major energy companies in the $60 billion tax reconciliation bill that was passed early Friday, lawmakers added nearly $5 billion to the tax burden of oil companies and repealed tax benefits that were approved in the energy bill in August.
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Senate Rejects Windfall Profits Tax, But Adds $5B to Energy Companies’ Tax Burden
The Republican-led Senate rejected Democratic efforts to levy a controversial windfall profits tax on the earnings of major energy companies as part of the $60 billion tax reconciliation bill that was passed Friday, but it added nearly $5 billion to the tax burden of oil companies and repealed tax benefits that were approved in the energy bill in August.
House Panel Proposes $1B More in LIHEAP Funds for This Winter
The House Energy and Commerce Committee on Thursday is expected to mark up its draft budget reconciliation package that would provide an additional $1 billion in federal assistance to help low-income customers deal with the anticipated higher energy costs this winter.
Opening Up OCS in Bush Administration’s Hands; Congress Shies Away from Issue
While expanded drilling in federal waters will not be addressed in the Senate Energy and Natural Resources Committee’s budget reconciliation package Wednesday, Chairman Pete Domenici (R-NM) said he will press the Bush administration to use his own powers to open up a portion of the eastern Gulf of Mexico to production activity.
APGA Calls for Congress to Tackle Coastal Drilling in Budget Reconciliation
The American Public Gas Association (APGA) on Wednesday called on Congress to include language in budget reconciliation legislation that would allow coastal states to open up their currently closed shores to oil and natural gas production.