House Clean Energy Act Preserves Tax Breaks for Chemical Firms

The House voted 264 to 163 last week to pass the Clean Energy Act of 2007, which would increase royalties oil firms must pay to the U.S. government. The bill also will end tax credits that oil companies had received under the 2004 Jobs Creation Act, but retains those credits for chemical companies and chemical subsidiaries of oil majors, ACC says. The credits in question involve a tax rate reduction for manufactured products. The version of the House bill that passed was not as costly for chemical firms as an earlier draft, which would have ended the tax benefits...

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