House Passes Energy Legislation

On December 18, 2007, the House passed and sent to the President, by a vote of 314 to 100, the Energy Independence and Security Act of 2007, as passed by the Senate without the tax title.  Included in the legislation are two Tax Code provisions relating to the extension of the additional 0.2 percent FUTA surtax and seven-year amortization of geological and geophysical expenditures for certain major integrated oil companies.  The President is expected to sign the legislation.