Sanders, Ellison Float Bill To End Oil, Gas Tax Breaks

Law360, New York (May 11, 2012, 3:04 PM EDT) -- Sen. Bernie Sanders, I-Vt., and Rep. Keith Ellison, D-Minn., on Thursday announced legislation to end billions of dollars in tax breaks for the oil, coal and gas industries and lift a $75 million cap on economic damages for offshore oil spills.

The End Polluter Welfare Act would do away with tax breaks, financial assistance, royalty relief, direct federal research and development, and many loopholes that benefit the fossil fuel industry, Sanders said.

Under current law, more than $113 billion in federal subsidies will flow to oil,...
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