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Change: -5.90 (-1.13%)
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US Lawmakers Cautious On Obama Bid To Restore Superfund Taxes

Mon, 21st Jun 2010 22:54

By Martin Vaughan Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--The Obama administration on Monday stepped up its push to reinstate lapsed environmental clean-up taxes on oil, gas and chemical producers. But lawmakers in Congress signaled that they will proceed with caution. The Environmental Protection Agency sent draft legislation to House Speaker Nancy Pelosi (D., Calif.) that would renew the taxes, which haven't been in effect since 1995. "Our taxes should be paying for teachers, police officers and infrastructure that is essential for sustainable growth--not footing the bill for polluters," said Mathy Stanislaus, assistant administrator for EPA's Office of Solid Waste and Emergency Response. Industry groups fired back that the proposed taxes will cost U.S. jobs, and some said the proposal appears to be an attempt by the administration to use the backlash surrounding the Gulf of Mexico oil spill to pass its agenda. "We assume that this is an effort to penalize BP [PLC] (BP, BP.LN) and the various oil producers, and we see ourselves as collateral damage in that," said Walter Moore, vice president of federal affairs at the American Chemistry Council. The group's members include Dow Chemical Co. (DOW), FMC Corp. (FMC) and W.R. Grace & Co. (GRA). Chemical producers note that they already foot the bill to clean up waste sites under the Superfund law's liability provisions. The trust fund, which is supported by the taxes, is tapped only to clean up "orphan" sites, or those where the responsible party is bankrupt. The taxes the administration proposed Monday include a tax of 9.7 cents per barrel on oil, a chemical excise tax of 22 cents to $4.87 per ton, and a broad-based corporate environmental income tax. Rep. Earl Blumenauer (D., Ore.) and Sen. Bill Nelson (D., Fla.) have championed proposals to renew the taxes. But few other lawmakers rushed forward Monday to embrace the administration's plan. The taxes come under the jurisdiction of the House Ways and Means and Senate Finance Committees, which have shown no eagerness in recent years to restore them. Senate Finance panel Chairman Max Baucus (D., Mont.) "is studying the administration's proposal very closely to determine the best step forward for taxpayers, our environment and the jobs that depend on it," said a Finance Committee Democratic aide. Drew Hammill, a spokesman for Pelosi, said the speaker "strongly supports the concept that polluters should pay for cleanup. "We'll be reviewing the administration's proposal in the days and weeks ahead." One Democratic congressional aide said lawmakers will be reluctant to impose a broad tax increase like the corporate environmental tax, in the midst of an economic recovery. The income tax, a 0.12% add-on to the corporate alternative minimum tax, accounts for about $1 billion of the $1.8 billion per year it is estimated that the taxes taken together would raise. At the same time, congressional pay-as-you-go budgeting rules have created a larger appetite for new revenue sources to offset new spending. Lawmakers might be driven, in the current deficit environment, to give the Superfund taxes a closer look. Congress has appropriated more than $1.2 billion per year in the past four years from the general fund to pay for Superfund cleanup, according to figures provided by Blumenauer's office. "The administration is on board, and I am committed to ensuring that the industries that had a hand in creating the problem will once again be held accountable for cleaning it up," Blumenauer said. -By Martin Vaughan, Dow Jones Newswires; 202-862-9244; martin.vaughan@dowjones.com (END) Dow Jones Newswires June 21, 2010 17:54 ET (21:54 GMT)
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(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

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15 Feb 2024 16:52

LONDON MARKET CLOSE: Stocks in green despite UK hit by recession

(Alliance News) - Stock prices in London closed higher on Thursday, after data showed that the UK economy slipped into recession in the final quarter of 2023, buoying hopes for interest rate cuts from the Bank of England.

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15 Feb 2024 14:55

London close: Stocks manage gains despite UK recession news

(Sharecast News) - London markets had a mixed but ultimately positive day of trading on Thursday, despite news that the UK fell into a technical recession at the end of 2023.

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15 Feb 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 flat as strong start fades

(Alliance News) - The FTSE 100 tread water on Thursday afternoon, as share price declines for some of London's heavyweights offset a strong start for the index, which got a boost from Bank of England rate cut hopes.

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15 Feb 2024 09:17

BP hails arrival of LNG vessel at project off Senegal and Mauritania

(Alliance News) - BP PLC on Thursday celebrated the arrival of a gas vessel offshore west Africa, which it called a "major milestone" for its project there.

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14 Feb 2024 12:01

BP and Adnoc form gas joint venture in Egypt to boost capabilities

(Alliance News) - BP PLC on Wednesday said it will form a joint venture with Abu Dhabi National Oil Co in Egypt, under which BP will contribute its interests in three development concessions.

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14 Feb 2024 10:27

BP and Adnoc agree Egyptian joint venture

(Sharecast News) - BP has agreed a new joint venture in Egypt with long-standing partner Adnoc, it was confirmed on Wednesday.

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11 Feb 2024 09:27

PRESS: BP to book USD700 million windfall on UK tax changes - FT

(Alliance News) - BP PLC is set to book a USD700 million windfall due to UK tax changes aimed at boosting corporate pension fund investment in the economy, the Financial Times reported on Saturday.

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LONDON MARKET MIDDAY: European markets quiet heading into afternoon

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UK dividends calendar - next 7 days

Friday 9 February 
AJ Bell PLCdividend payment date
B&M European Value Retail SAspecial dividend payment date
BlackRock Latin American Investment Trust PLCdividend payment date
Braemar PLCdividend payment date
i3 Energy PLCdividend payment date
JPMorgan Multi-Asset Growth & Income PLCdividend payment date
Montanaro UK Smaller Cos Investment Trust PLCdividend payment date
Netcall PLCdividend payment date
Origin Enterprises PLCdividend payment date
Sage Group PLCdividend payment date
Schroder AsiaPacific Fund PLCdividend payment date
Tracsis PLCdividend payment date
Tufton Oceanic Assets Ltddividend payment date
Monday 12 February 
no events scheduled 
Tuesday 13 February 
Cohort PLCdividend payment date
Future PLCdividend payment date
Mondi PLCspecial dividend payment date
Wednesday 14 February 
Blackrock Frontiers Investment Trust PLCdividend payment date
Ecora Resources PLCdividend payment date
Grainger PLCdividend payment date
Oxford Metrics PLCdividend payment date
Supermarket Income REIT PLCdividend payment date
Unicorn AIM VCT PLCdividend payment date
Unicorn AIM VCT PLCspecial dividend payment date
Thursday 15 February 
Alternative Income REIT PLCex-dividend payment date
Aquila European Renewables PLCex-dividend payment date
Balanced Commercial Property Trust Ltdex-dividend payment date
BioPharma Credit PLCex-dividend payment date
BP Marsh & Partners PLCex-dividend payment date
BP PLCex-dividend payment date
Elixirr International PLCdividend payment date
Gabelli Merger Plus+ Trust PLCex-dividend payment date
GCP Asset Backed Income Fund Ltdex-dividend payment date
Greencoat UK Wind PLCex-dividend payment date
Gulf Investment Fund PLCex-dividend payment date
Hargreave Hale AIM VCT PLCdividend payment date
Henderson Opportunities Trust PLCex-dividend payment date
ICG Enterprise Trust PLCex-dividend payment date
Impax Environmental Markets PLCex-dividend payment date
Imperial Brands PLCex-dividend payment date
Invesco Perpetual UK Smaller Cos IT PLCex-dividend payment date
Invesco Select Trust PLC Global Equity Incomedividend payment date
Invesco Select Trust PLC UK Equitydividend payment date
JPMorgan European Growth & Income PLCex-dividend payment date
Knights Group Holdings PLCex-dividend payment date
M Winkworth PLCdividend payment date
Majedie Investments PLCex-dividend payment date
Mattioli Woods PLCex-dividend payment date
Mobeus Income & Growth 4 VCT PLCex-dividend payment date
Mountview Estates PLCex-dividend payment date
Murray Income Trust PLCex-dividend payment date
NCC Group PLCex-dividend payment date
NextEnergy Solar Fund Ltdex-dividend payment date
Pershing Square Holdings Ltdex-dividend payment date
PRS REIT PLCex-dividend payment date
Ramsdens Holdings PLCex-dividend payment date
Schroder UK Mid Cap Fund PLCex-dividend payment date
Shell PLCex-dividend payment date
Triple Point Venture VCT PLCex-dividend payment date
Troy Income & Growth Trust PLCex-dividend payment date
UK Commercial Property REIT Ltdex-dividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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6 Feb 2024 17:39

London close: Stocks manage gains as oil prices rise

(Sharecast News) - London's financial markets finished with a positive performance on Tuesday, driven by encouraging data from the UK construction sector and BP's share buyback expansion.

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LONDON MARKET CLOSE: BP and Prudential help snap FTSE losing streak

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LONDON MARKET MIDDAY: BP tops FTSE 100 index on buyback promise

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TOP NEWS: BP promises buybacks and hikes dividend despite profit fall

(Alliance News) - BP PLC on Tuesday reaffirmed it is sticking to its commitment to share buybacks despite reporting a profit decline amid a fall in oil prices.

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LONDON MARKET OPEN: BP jumps after unveiling share buyback

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