With momentum growing behind a GOP bill to repeal a new tax-reporting mandate on businesses, Democratic leaders on Thursday offered an alternative.
The Democratic proposal, sponsored by Senate Finance Committee Chairman Max Baucus (Mont.), would also kill the new tax-filing requirement for small businesses, but would offset the cost by eliminating a soon-to-be installed tax break for the nation’s oil giants, including BP.
“Specifically,” Baucus’s office explained, “it would repeal Section 199 of the tax code, which currently allows these corporations to deduct 6 percent of their income from oil and gas production from their tax liability, effective December 31, 2010.”
Full story: Senate Dem leaders support repeal of small business tax provision in healthcare law – The Hill’s Healthwatch