An overhaul of the U.S. tax code proposed by Sen. Max Baucus, D-Mont., seeks to axe several tax incentives for the oil and natural gas industry. However, the proposal leaves out the Sec. 199 domestic manufacturing deduction, which gives firms up to a 6% deduction applied to domestic manufacturing net income. The American Petroleum Institute said removing the manufacturing deduction for the industry "will have the harmful effect of hurting American energy workers and their contributions to our economic recovery."

Full Story:

Related Summaries