House panel's tax plan keeps oil industry tax breaks

2021-09-14

The House Ways and Means Committee has unveiled a draft tax overhaul that features a suite of clean energy tax credits and a 16.4 cents-per-gallon tax on crude and imported petroleum products to fund Superfund cleanups, but stopped short of eliminating oil industry tax breaks such as a deduction of intangible drilling costs and a percentage depletion deduction. The draft plan is subject to amendment.

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