Senate Set To Battle Over Big Oil Tax Break Bill

Law360, New York (March 26, 2012, 8:15 PM EDT) -- The U.S. Senate voted Monday to debate a Democrat-backed bill that would end tax breaks for the five largest oil companies, setting the stage for a rowdy floor fight over the legislation later this week.

In a 92-4 procedural vote, the Senate agreed to move forward with the Repeal Big Oil Subsidies Act, or S.2204, which would strip Exxon Mobil Corp., BP PLC, Royal Dutch Shell PLC, Chevron Corp. and ConocoPhillips of tax breaks that would have netted them $21 billion over 10 years. The bill...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.