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The Congressional Research Service report
Submitted by ryanteaguebeckwith on 2008-08-08 12:43
The Congressional Research Service is basically the federal government's think tank.
As a legislative branch agency within the Library of Congress, the service writes reports on the effects of different bills for members of Congress, their committees and staff.
In a March 8, 2006, report on the Energy Policy Act of 2005, the research service concluded that the bill would actually lead to a tax increase for oil companies:
The $2.9 billion in energy tax increases, which increase the tax burden of U.S. refineries, offsets the $2.6 billion in tax cuts for the oil and gas industry as a whole. In fact, focusing only on refineries, their $2.9 billion in tax increases far outweigh the $400 million of tax cuts provided by the act (over 11 years).
A recent TV ad by Majority Action criticized U.S. Sen. Elizabeth Dole for voting for the act.
It is not clear whether the report includes the royalty relief in its calculations.
Document(s):
CRS-2005-Energy.pdf
