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ALERT: Senate Moves to Bill Repealing Oil Subsidies - Voting on it tonight - TAKE ACTION!

After a full week of no legislating, Senate Majority Leader Sen. Harry Reid [D, NV] has finally decided what bills to work on next. Yesterday afternoon an agreement was reached between the Democratic and Republican leadership to move to two oil-related bills — one, a Democratic proposal, that would repeal a handful of tax subsidies that benefit U.S. oil and gas companies, and the other, a Republican bill, that would require the government to conduct lease sales on offshore drilling sites. I’ve covered the House equivalent of the Republicans’ bill here, so I’ll focus on the Democrats’ bill for now.
The Close Big Oil Tax Loopholes Act was introduced by Sen. Bob Menéndez [D, NJ] and 28 other Democrats on May 10. It would repeal five tax breaks that Congress has enacted over the years to encourage oil companies to drill off of America’s shorelines, and it would close a loophole that U.S. oil companies have been using to disguise foreign royalty payments as taxes and deduct them from their domestic tax bill. The Congressional Budget Office has not published a revenue estimate for the bill yet, but a rough analysis from the Sunlight Foundation finds that oil companies benefited from ... more

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