Sens. Bring Back Bill To Close Oil Co. Tax Loopholes

Law360, New York (February 4, 2011, 1:19 PM EST) -- A group of Democratic senators has reintroduced a bill aimed at closing corporate tax exemptions for big oil companies just after President Barack Obama called for eliminating those loopholes in his State of the Union address.

If adopted in full, the bill is expected to save the government more than $20 billion over 10 years, according to a statement Wednesday from Sen. Robert Menendez, D-N.J., the bill’s chief sponsor.

Menendez said he expects the bill to largely jibe with the president’s upcoming budget proposal, due out...
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