Manufacturing Industry
Tax-break issues heat up in Washington; Congress agenda takes on drilling incentives, executive compensation.(News)
Plastics News, January, 2007
Byline: Mike Versepej Tax breaks for businesses are on Congress' agenda - and in one case, the issue is surfacing earlier than expected. As part of the effort to boost the minimum wage from $5.15 to $7.25, Congress is trying to restrict the annual amount of deferred executive compensation to no more than $1 million.
And, in an unrelated action, it wants to eliminate tax deductions and change depreciation rules for drilling, worth $7.6 billion over 10 years, that were extended to the oil and gas industry in 2004 and recapture an estimated $10 billion in lost revenues of leases given to the oil industry in the late 1990s as an incentive to drill in deep Gulf Coast. "These provisions will do nothing to address our nation's energy supply needs and will result...
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