U.S. senators will be asked to approve additional taxes on the oil and gas industry by the end of the week to help finance $40 billion in clean energy financial incentives.

Senate Finance Committee leaders said Sept. 16 that about $17 billion would come from freezing the tax deduction for US oil and gas companies' domestic activities, tightening rules by which oil and gas companies pay taxes on income earned overseas, and freeing money from the general fund by increasing payments into the oil spill liability trust fund as new drilling is considered.

Source: Oil & Gas Journal

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