The U.S. Act of Congress Proposed to Quadruple Petroleum Tax

According to a report on May 21, 2010 from integrated foreign reports, the U.S. Congress proposed on May 20, 2010 to quadruple the petroleum tax subsidized to the Federation Oil Spill Liability Trust Fund of the U.S. to 32 cents from current 8 cents.

In accordance with the plan of the cooperative system of the Joint Committee on Taxation in both the House and the Senate of the U.S., the aforesaid tax will be raised to 32 cents from current 8 cents. The Oil Spill Liability Trust Fund of the U.S. is the financing source of the oil spill disposition.

The raise in taxation belongs to the wider package of programs for extending tax relief, including the unemployment benefits, keeping valid till the end of 2020. The raise shall come into force 60 days after the implementation of the Act, or shall take effect in October 2010 at the soonest.