Dems’ Bill Would Slash Oil Tax Breaks, Boost Clean Energy

Law360, Washington (April 30, 2012, 4:16 PM EDT) -- A group of Democratic congressmen introduced a bill Friday to eliminate subsidies for oil companies and extend grants and tax credits for renewable energy manufacturing and use.

The bill — named the IMPACT Act — is sponsored by Reps. Ed Markey, D-Mass.; Henry Waxman, D-Calif.; John Larson, D-Conn.; Earl Blumenauer, D-Ore.; and Bill Pascrell Jr., D-N.J., who say it will refocus the energy sector by emphasizing the need for renewable energy growth over the oil industry by shifting federal financial support.

“The only real solution to...
To view the full article, register now.