President Obama’s recently released budget proposal contains energy-related tax provisions for the 2012 fiscal year.

On February 14, the Obama administration released its revenue proposal (Proposal) for the fiscal year 2012. The Proposal would repeal or expand several energy-related tax provisions, some of which were also proposed in the 2011 revenue proposal. To view our newsletter on the energy tax provisions in the 2011 proposal, see “Key Energy-Related Tax Provisions in the 2011 Budget Proposal.”

The following is a summary of the energy-related tax provisions contained in the Proposal...