Senate defeats Nelson plan to limit Big Oil tax break

[Robbien]

Source: The Hill

The Senate on Tuesday defeated an attempt by Sen. Bill Nelson (D-Fla.) to strip access to a manufacturing tax credit for the five biggest U.S. oil and gas companies — possibly the only action the chamber will take on the issue of industry tax incentives before the November elections.

. . .

The amendment would have provided certain small-business relief and paid for it by removing the section 199 manufacturing tax credit for the five largest oil-and-gas companies (those with more than $1 billion of before-tax income). The five major oil companies, including BP, had a combined profit of $25 billion in the first quarter of 2010.

Section 199 of the tax code allows corporations to deduct 6 percent of their income from oil and gas production from their tax liability.

. . .

The American Petroleum Institute made the defeat of Nelson’s amendment a priority.

Read more: http://thehill.com/blogs/e2-wire/677-e2-wire/118643-senate-defeats-nelson-plan-to-limit-big-oil-tax-break

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BigOil's dollars at work.

[KansDem]

1. Power to the people!

BigOil's dollars at work.

Haven't you heard? Corporations are people, now! :silly:

[sinkingfeeling]

2. What a shame. Vote was 56-42.

[karynnj]

7. Here are the 42 nos - Landrieu, Lincoln and Begich and the rest Republicans

Alexander (R-TN)
Barrasso (R-WY)
Begich (D-AK)
Bennett (R-UT)
Bond (R-MO)
Brown (R-MA)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Collins (R-ME)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Ensign (R-NV)
Enzi (R-WY)
Graham (R-SC)
Grassley (R-IA)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Johanns (R-NE)
Kyl (R-AZ)
Landrieu (D-LA)
LeMieux (R-FL)
Lincoln (D-AR)
Lugar (R-IN)
McCain (R-AZ)
McConnell (R-KY)
Risch (R-ID)
Roberts (R-KS)
Sessions (R-AL)
Shelby (R-AL)
Snowe (R-ME)
Thune (R-SD)
Vitter (R-LA)
Voinovich (R-OH)
Wicker (R-MS)

I understand Begich and Landrieu - from oil states, but why Lincoln?

[atreides1]

8. Why Lincoln?

Because she's pro-corporate!

[karynnj]

13. It was rather a rhetorical question

More troubling with Lincoln was that she voted for the Johanns amendment that would have stripped out a reporting requirement in the new healthcare bill. That would have eliminated a revenue stream - and the bill dealt with that by eliminating another provision in the HCR bill dealing with wellness funding. This is the first step to piecemeal destroy the HCR bill per this Daily Kos diary. http://www.dailykos.com/story/2010/9/14/901500/-Senate-GOP-tries-to-eliminate-preventive-health-funding

It needed 60 votes and got 45, including Democrats Lincoln, Ben Nelson, Bayh, Warner, Webb, and Bennett (CO).

Yeses:
Alexander (R-TN)
Barrasso (R-WY)
Bayh (D-IN)
Bennet (D-CO)
Bennett (R-UT)
Bond (R-MO)
Brown (R-MA)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Collins (R-ME)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Ensign (R-NV)
Enzi (R-WY)
Graham (R-SC)
Grassley (R-IA)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Johanns (R-NE)
Kyl (R-AZ)
LeMieux (R-FL)
Lincoln (D-AR)
Lugar (R-IN)
McCain (R-AZ)
McConnell (R-KY)
Nelson (D-NE)
Pryor (D-AR)
Risch (R-ID)
Roberts (R-KS)
Sessions (R-AL)
Shelby (R-AL)
Snowe (R-ME)
Thune (R-SD)
Vitter (R-LA)
Voinovich (R-OH)
Warner (D-VA)
Webb (D-VA)
Wicker (R-MS)

[metapunditedgy]

3. Geez, how many votes does Joe Lieberman get in the Senate, anyway??? n/t

[Blue Owl]

4. Ben Nelson's got a big ol' mouthful of corporate ballsack

He's as much a Democrat as big oil is a steward of our environment.

[HERVEPA]

5. Read a bit more carefully. That's Bill Nelson, FL.

[Blue Owl]

9. Whups, thanks for pointing that out!

What's up with all the turncoats whose last name is "Nelson?"

Ben, Bill -- any others?

[karynnj]

11. Read not just the name, but the purpose

Nelson's amendment sought to EXCLUDE big oil from the tax breaks. Look at the list of those voting against it.

[Enrique]

6. actually it didn't come up for a vote

the republicans filibustered it.

[karynnj]

12. technically yes - buit the cloture vote itself says something.

They got 56 vote - and needed 60.

[lark]

10. Have they no ounce of shame

Ha, ha, ha - course not, never did, it's all about power to the richest of corporations and keeping those huge contributions flowing. motherfuckers and earth rapers!!

[DonCoquixote]

14. considering that

People in Florida are fuming over BP (and thanking God they did not agree to drilling), Bill Nelson just made a suicidal move. But never fear, the same Florida Democrats that want Charlie Crist in will forgive him.

[joeglow3]

15. And this is why I will always have a job

I am not saying I oppose the proposal. However, they IRC is so bogged down with so many industry specifics, that it is convoluted as hell. And there is NO WAY Congress will simplify it, as it is such an eash way to influence policy. I have always said I support complicating the hell out of the code for the next 20-25 years…and THEN we can simplify it.