- Energy Tax Facts
- 23 May 13
CPA Report Right on Energy Taxes
Written by IPAA’s Jordan Dewbre:
Through a report released on Monday, the Texas Society of CPA’s has just now found itself definitively on the right side of the Energy Tax issue.
Though the risk of repeal of expensing of intangible drilling costs, the percentage depletion allowance, the domestic manufacturing deduction, and the exemption to the passive loss limitations for interests in the industry still remains, the Society’s Federal Tax Policy Committee showed that forcing hardships upon job-creating businesses is counterproductive to economic recovery and efforts to lower the federal deficits. Reiterating what petroleum advocates have been maintaining all along, they found that the oil and gas industry “supplies direct and indirect jobs to 9.6 million workers, or 5.5 percent of all U.S. employment” and that a “vast majority, 95 percent, of the nation’s oil and natural gas wells are actually drilled by small businesses.”
Additionally, oil and gas companies do not enjoy the cushy economic status that advocates for higher taxes erroneously state. Per the report, oil and gas companies “pay nearly $100 million a day in income taxes” and in further proof how vital the industry is to the economy, given “direct and indirect jobs to 9.6 million workers” When you look at the facts, increasing energy taxes just doesn’t make economic sense.
For more information on the statement, visit http://www.prweb.com/releases/2013/5/prweb10747265.htm