Oil companies that have claimed more than a billion dollars in tax credits for burying carbon dioxide underground just got a windfall from Congress, which expanded that incentive as part of the government spending bill signed into law on Friday.
Energy lobbyists, who failed to get a range of expired breaks for biofuels to coal-fired power plants into the $1.5 trillion tax overhaul bill making its way through Congress, may get a second chance before the end of the year.
Outgoing Internal Revenue Service Commissioner John Koskinen foresees problems with tax reform if major provisions apply to the current tax year and predicted the agency would need more funding from Congress to implement the legislation if it passes.
A pair of new government reports highlighted some of the hurdles the Internal Revenue Service needed to overcome last filing season as it struggles to help taxpayers and identity theft victims despite constrained resources.
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