The Congressional Research Service released a report March 5 finding that after years of resistance, the atmosphere could be changing enough for Congress to repeal tax breaks for oil and gas industry. As with his last three budget requests, President Obama included in his fiscal year 2013 proposal language asking Congress to repeal the enhanced oil recovery credit, a credit for marginal well oil and gas production, the expensing of intangible drilling costs, and the deduction for tertiary injectants used in crude oil recovery.
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CRS fossil fuels subsidy report
- Mintz Levin Cohn Ferris Glovsky and Popeo PC
- David Leiter, Sarah Litke and Daniel Phillips
- March 11 2012
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