GOP, Democrats Debate Energy Company Tax

[NVMojo]

WASHINGTON (AP) - Senate Republicans beat back Democratic attempts to pinch oil and energy companies that have been reporting record profits while consumers pay high gasoline prices as the Senate headed toward passage of a $60 billion tax bill late Thursday.

The bill, which would prevent a number of individual and business tax breaks from expiring, already levies more than $4 billion in taxes on major oil companies.

The energy amendments faced opposition from the Republican majority and stood little chance of success. But they reflected attentiveness on Capitol Hill to high gasoline prices and fears of skyrocketing home heating costs this winter.

Some GOP senators and the White House were unhappy because the bill included a change in accounting methods that would hit the largest integrated oil companies with $4.3 billion in taxes. The provision drew a veto threat from the Bush administration. Sen. Larry Craig, R-Idaho, said he would vote against the bill if the tax increase remained intact.

more...

http://www.lasvegassun.com/sunbin/stories/bw-cong/2005/nov/17/111704522.html

[napi21]

1. The bill passed in the Senate about 1/2 hour ago.

The vote was 64 yea 33 nay.

[NVMojo]

2. Good!! And thanks for the update!