Ill. Sen. Floats Bill To Eliminate Discounted Fracking Tax

Law360, New York (February 13, 2014, 5:50 PM EST) -- An Illinois state senator proposed a bill Tuesday that would close a loophole that allows oil and gas produced by fracking operations to be taxed at a discounted rate.

Introduced in the Illinois Generaly Assembly by state Sen. Ira I. Silverstein, D-Chicago, the bill, SB3230, would remove a provision from the Illinois Hydraulic Fracturing Tax Act that allows the fuels to be taxed at just 3 percent after they are extracted from the ground. 

If passed, fossil fuel producers would be immediately subjected to a progressive...
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