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June 20, 2007

$29B tax on oil industry would fund green power

By H. JOSEF HEBERT
Associated Press Writer

WASHINGTON — A proposal to hit oil companies with $29 billion in new taxes advanced in the Senate on Tuesday, targeting the money to energy conservation, wind turbines, electric hybrid cars and clean coal technology.

The massive tax package, double what Democrats had talked about as recently as last week, is “designed to promote clean and sustainable energy,” said Sen. Max Baucus, D-Mont., chairman of the Finance Committee that approved the measure by a 15-5 vote.


 
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