Senate Democrats on Wednesday introduced a bill to eliminate billions of dollars in tax benefits enjoyed by big oil and gas companies, one day after President Barack Obama renewed his call for plugging tax loopholes in his State of the Union address.
Obama and fellow Democrats for years have targeted oil and gas tax breaks, a move that Republicans and some Democrats from oil-producing states fiercely oppose.
The measure focuses on provisions such as immediate expensing for drilling costs and the use of a tax break for manufacturing.
MORE: Democrats offer bill to curb Big Oil’s tax benefits | Reuters.