House Dems Aim To Cut $40B In Oil Co. Tax Breaks

Law360, New York (February 10, 2011, 7:43 PM EST) -- House Democrats on Thursday introduced legislation to cut $40 billion worth of tax breaks for big oil companies and channel that money into other projects, including clean energy initiatives.

The legislation, sponsored by Rep. Ed Markey, D-Mass., the ranking Democrat on the House Natural Resources Committee, follows similar legislation introduced Feb. 3 in the U.S. Senate.

President Barack Obama called on Congress to eliminate tax loopholes for large oil companies in his State of the Union address in January.

The U.S. House of Representatives version —...
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