GOP Sens. Balk on oil and gasoline tax will increase for infrastructure law

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Law360 (Apr 27, 2021, 4:23 p.m. EDT) – Democratic proposals to abolish preferential tax treatment for oil and gas companies would be for GOP lawmakers to negotiate with Democrats on a major infrastructure bill, Senate Republicans, no rookie Finance Committee said Tuesday .

The various tax incentives for oil and gas companies have been part of U.S. tax law for decades and have contributed to energy efficiency efforts, Senator John Barrasso, R-Wyo., Said during a committee hearing. Incentives include the oil recovery tax credit and the deduction for intangible drilling costs.

These tax breaks that helped the US …

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