Senate Spending Bill Expands Superfund Tax Reinstatement To Oil Sector

The recently released legislative language for the Senate Democrats’ climate deal would expand the recent reinstatement of Superfund excise taxes to also include oil and petroleum products, which is expected to produce an estimated $11.7 billion in revenue over 10 years. According to a summary of the plan , released July 31, this tax would go into effect after Dec. 31, 2022, and carry through Dec. 31, 2032. The tax rate would be 16.4 cents per gallon on crude oil...