Bills to Prevent Write Off of Oil Cleanup Costs Introduced in House & Senate
“On January 31st, Representative Alcee Hastings (D-FL) introduced a bill to prevent oil and gas companies from writing off the cost of oil cleanup. H.R. 3852 – and its Senate companion S. 983 introduced by Senator Bill Nelson (D-FL) – would amend the Internal Revenue Code to “disallow a deduction for amounts paid or incurred by a responsible party relating to a discharge of oil.” The Joint Committee on Taxation estimates that this bill could add an average of $1.346 billion per year to the Treasury over the next five years. The House bill has been referred to the Ways and Means Committee, while the Senate bill is pending before the Finance Committee.”
Via Coastal States
