House Passes Energy Bill To Cut $14B In Tax Breaks

Law360, New York (January 18, 2007, 12:00 AM EST) -- Democrats in the House of Representatives on Thursday approved a bill to cut back about $14 billion in oil and gas company subsidies and funnel those funds into renewable energy programs, but expressed concerns that President Bush might veto the measure.

The CLEAN Act, introduced on Jan. 12, would cut back on subsidies the companies have received since the Deep Water Royalty Relief Act of 1995 allowed them to skip paying royalties for oil and gas production of publicly owned resources.

The bill, which stands for...
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