Nixing Oil Cos.' Tax Cuts Won't Hurt Consumers: JEC

Law360, New York (December 5, 2007, 12:00 AM EST) -- Eliminating a tax deduction for major integrated oil and gas producers to fund renewable energy initiatives and conservation efforts won't drive up the prices consumers pay for oil and natural gas, according to a report by the Joint Economic Committee.

The Joint Economic Committee's analysis deals with the modifications of Internal Revenue Code Section 199, changes that are expected to be included in energy legislation Congress will take up this week.

The JEC's report focuses on the tax provisions in the Senate's Energy Advancement and Investment...
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