Senate Working on Repeal of Oil Tax Subsidies

The Senate could vote in the near future on legislation that would extend expired and expiring energy tax incentives and pay for it by repealing tax subsidies for the major integrated oil and gas companies.

The Repeal Big Oil Tax Subsidies Act (S. 2204) was introduced March 19 by Sen. Robert Menendez (D-N.J.) under Senate Rule 14, which means it will skip the committee process and be immediately placed on the Senate calendar. It can be brought to the floor at any time by the majority party.

Some of the expired tax credits that would be extended through 2012 include the credit for energy-efficient existing homes as well as the credit for energy-efficient new homes; the credit for certain plug-in electric vehicles; and the tax credit for energy-efficient appliances.