Oil Spill Liability Tax Articles

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Congress Reinstates Oil Spill Liability Tax on Prospective (Not Retroactive) Basis

February 9, 2018

Congress Reinstates Oil Spill Liability Tax on Prospective (Not Retroactive) Basis

The budget deal that Congress passed on Feb. 8 restores the 9-cent-per-barrel tax on oil to pay for spill cleanups. The tax will not take effect until March 1, 2018, however, and will not be applied to transactions taking place between Jan. 1 and Feb. 28.