Big Oil Tax Subsidy Update

On March 29, the Senate by a vote of 51 to 47 failed to garner the necessary votes to invoke cloture (i.e., cut off debate) on S. 2204, the “Repeal Big Oil Tax Subsidies Act.” The vote effectively kills the bill, which would have repealed five tax subsidies for the five largest integrated oil and gas companies, and used the resulting revenue to extend expired and expiring renewable energy tax incentives.