WASHINGTON, June 8 /PRNewswire-USNewswire/ -- An energy tax increase proposed in the Senate should be defeated because it would take money from American families, farmers and truckers to provide tax breaks for wealthy Wall Street investment fund managers, National Petrochemical & Refiners Association President Charles T. Drevna said in a letter sent today to Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell. The House of Representatives voted May 28 to increase the federal Oil Spill Liability Trust Fund tax to 34 cents per barrel to ensure that the fund is large enough to respond to any future oil spills. The Senate version of the bill would boost the proposed increase to 41 cents a barrel. The additional federal tax revenue from this proposed tax increase wou...
The Oil Spill Liability Trust Fund was established on the books of the Treasury by section 8033 of the Omnibus Budget Reconciliation Act of 1986. Amounts equivalent to the taxes received from the environmental tax on petroleum, but only to the extent of the oil Spill Liability Trust Fund rate, are appropriated to the fund. The tax is not applied during any calendar quarter if the secretary of the Treasury estimates that, as of the close of the preceding calendar quarter, the unobligated balance in the fund exceeds $ 1 billion.
This report summarizes federal energy legislation enacted into law from January 1 through Dec 31, 2008, specifically the Energy Improvement and Extension Act of 2008. After a relatively long period in which federal energy law was enforced without major amendment, more recent shifts in the energy policy arena led to the enactment of significant energy legislation in 2005, 2007 and most recently in late 2008. The Energy Improvement and Extension Act of 2008 (Act) was ultimately included as part of the contentiously debated Emergency Economic Stabilization Act of 2008 which was signed into law by President Bush on Oct 3, 2008, in response to disruptions in the economy and financial system. The Act provides an eight year extension, through Dec 31, 2016, of the 30% individual tax credit for ...
...Temporary Increase in Coal Excise Tax; Funding of Black Lung Disability Trust Fund; and Special R... of the tax rate associated with an oil spill liability fund. A. Limitation of Deduction for Inc...
The Oil Spill Liability Trust Fund was established on the books of the Treasury by section 8033 of the Omnibus Budget Reconciliation Act of 1986 (Public Law 99-509). It was made effective on Jan 1, 1990, by section 781 1(m)(3) of the Omnibus Budget Reconciliation Act of 1989 and amended by section 9001 of the Oil Pollution Act of 1990. The Energy Policy Act of 2005 reinstated the tax on petroleum to ensure continued viability of the fund. Amounts equivalent to the taxes received from the environmental tax on petroleum, but only to the extent of the Oil Spill Liability Trust Fund rate, are appropriated to the fund. Certain amounts were transferred from other funds and were appropriated to the Oil Spill Liability Trust Fund as provided by 26 US Code 9509(b). Certain paid penalties and amo...
WASHINGTON N Congress is finally getting around to extending more than 50 popular tax breaks that expired at the end of last year, including money savers for homeowners, businesses and shoppers in states with no income tax. Lawmakers want to raise taxes on investment fund managers to help cover the cost. Legislation combining the tax breaks with more aid for people who have been unemployed for long stretches is expected to come up for a vote in the House next week. The bill would extend unemployment benefits for up to 99 weeks in many states and subsidize health insurance premiums for laid-off workers through the end of the year.
... tax paid by oil companies to finance an Oil Spill Liability Trust Fund. n A tax increase on multinat...
The Davy Crockett, shown here in early February surrounded by boom, is now the subject of a multimillion-dollar federal cleanup. Since this image was taken, the stern has been stabilized and the ship surrounded by several barges for contractors and equipment. ---
...State spill response specialists tracked a 15-mile-long sheen ...The cleanup is being funded by the Oil Spill Liability Trust Fund, a federal f...
... OPA authorized the use of the Oil Spill Liability Trust Fund which is capitalized by a per barrel ta...
... Act fines and the Natural Resource Damages funds appear to be the first serious money we're likely ... It's sort of you trust but then there's trust and verify and I -- I gathe... had concerns about their own potential liability, and BP had concerns about conflicts of interest a...
... Cuts as Congress Debates Current Year Funding. On Monday, February 14, 2011, President Barack ... Reinstate Superfund taxes Increase Oil Spill Liability Trust Fund taxes Make the unemployment ...
Editor's note: This version of the story has been updated with lawmakers' comments. WASHINGTON (Reuters) - U.S. Senate Democrats on Tuesday [June 8] proposed to raise taxes on profits made by investment fund managers as part of a larger bill aimed at boosting the sluggish economy.
...It would also raise the oil spill liability trust fund tax to 41 cents per barrel fr...
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