Energy companies spanning the power and gas sectors awoke Saturday to a new tax bill that could potentially render useless certain tax credits and deductions they receive, a tax expert with Bracewell's policy shop said Monday. With Senate rules putting a $1.5 trillion cap on the amount the tax cuts could raise the deficit over the next 10 years and GOP holdouts demanding some costly additions to the bill, Senate Republicans last week found themselves running out of time and funds to push through tax reform legislation.
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