Dems’ Bill Would Slash Oil Tax Breaks, Boost Clean Energy

Law360, Washington (April 30, 2012, 4:16 PM EDT) -- A group of Democratic congressmen introduced a bill Friday to eliminate subsidies for oil companies and extend grants and tax credits for renewable energy manufacturing and use.

The bill — named the IMPACT Act — is sponsored by Reps. Ed Markey, D-Mass.; Henry Waxman, D-Calif.; John Larson, D-Conn.; Earl Blumenauer, D-Ore.; and Bill Pascrell Jr., D-N.J., who say it will refocus the energy sector by emphasizing the need for renewable energy growth over the oil industry by shifting federal financial support.

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