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Irs allows big oil tax breaks Original Source Link: (May no longer be active)    http://washingtontimes.com/upi-breaking/20031128-083659-9929r.htm http://washingtontimes.com/upi-breaking/20031128-083659-9929r.htm IRS said to relent over oil tax break WASHINGTON, Nov. 28 (UPI) -- The Internal Revenue Service buckled under pressure from corporate lobbyists and sympathetic lawmakers in a tax break case, an IRS lawyer has charged. The case in question involved the abrupt dropping of plans last month to crack down on an often-abused tax break involving synthetic fuel made from coal, the Wall Street Journal said Friday. The IRS move, the report said, cleared the way for synthetic-fuel producers, including big energy companies and others, to continue receiving billions of dollars in tax credits under a law designed to help reduce the nation's dependence on oil. Bill Henck, an IRS attorney who worked on the issue, said the so-called synfuel tax credit has cost the government an estimated $1 billion to $2 billion annually in recent years. This could grow to as much as $10 billion a year as the industry expands, he said. The IRS denied that politics played any role in its decision last month.

Banks found way shelter millions Banks moved billions to shelter income tax Bush offshore { August 1 2002 } Business jump on suv loophole { November 7 2003 } California firms pay no taxes get giveaways { December 26 2004 } Congress tax havens { July 30 2002 } Corporate tax shelters and you Disneyworld cattle tax breaks Firms often avoided taxes { April 7 2004 } Ford cuts jobs and gets jobs creation deductions { January 24 2006 } Irs allows big oil tax breaks Irs audits businesses less due to shelters { April 12 2004 } Irs focus highincome IRS loses another ruling on tax shelters { November 4 2004 } Irs targets 3shelters { October 5 2002 } Most companies dont pay taxes Multinationalss push congress for hefty tax breaks Phony import export { November 1 2002 } Tax cheats winning { November 5 2002 } Tax code encourages sending jobs overseas Tax havens { August 1 2002 } Taxbreaks given to developers who bulldoze farms Taxcuts replace export tax to please wto Us firms keep billions overseas { April 2 2004 } Files Listed: 24

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