Oil, Gas Cos. Hang On To Tax Deduction

Law360, New York (September 14, 2010, 6:54 PM EDT) -- A measure that would have repealed a tax deduction for certain U.S. natural gas and oil companies failed to clear a Senate vote Tuesday, following a warning from the energy industry that the move would depress growth in new energy jobs.

The measure, proposed by Sen. Bill Nelson, D-Fla., was offered as an amendment to the Small Business Jobs and Credit Act of 2010. The amendment needed a two-thirds majority to end debate on the issue and prepare it for a final vote, but it failed...
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