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US Senate Rejects Nelson Amendment Targeting Oil And Gas Companies

World Oil
September 16, 2010

The US Senate has rejected an amendment to the small business bill sponsored by Sen. Bill Nelson (D-Florida) that would have excluded much of the oil and gas industry from a key manufacturing tax deduction

The oil and gas industry, which had been lobbying against the amendment, praised the rejection. Senate Democrats were short four votes of the 60 needed to cut off debate and advance the measure, which was proposed as the means to pay for relaxing the Section 199 IRS reporting mandate in the new health-care law. The section 199 deduction was created six years ago to allow businesses to deduct qualified domestic production activities from their tax liability. For integrated oil companies, the provision yields a deduction of up to 6 percent of income from oil and natural gas production