Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

HILL TAX BRIEFING: Superfund Tax on Oil Reemerges (Correct)

Aug. 1, 2022, 10:06 AM

The reconciliation deal agreed to by Sen. Joe Manchin (D-W.Va.) and Senate Majority Leader Chuck Schumer (D-N.Y.) includes a tax on the oil sector that would be used to fund the cleanup of contaminated sites, according to the Senate Finance Committee.

A 16.4 cents-per-barrel tax on crude and imported petroleum products is part of the legislation, the tax-writing panel revealed in a summary of the plan released Sunday. The Superfund tax on petroleum lapsed in the mid-1990s.

Congressional scorekeepers last year estimated that reviving the levy could raise nearly $25 billion over a decade. The Finance panel said the ...