U.S. Senate Finance Committee holds hearings for proposed repeals of oil industry tax breaks
As part of an effort to reduce the U.S. federal deficit, the Democratic Party-controlled Senate is calling for the repeal of $2 billion in tax breaks for the five largest oil companies. The proposed Senate bill would modify foreign tax credit rules, limit deductions of income attributable to oil and gas production and eliminate domestic manufacturing tax deductions.
U.S. Senate Finance Committee hearings were held on May 14 to discuss the issue with industry leaders, who stated that the bill would limit investments in exploration and production.
