Tag: oil and gas industry

  • Energy Tax Facts
  • 13 Jan 14

IPAA COOP Sends Letter to Tax Committees

  • Energy Tax Facts
  • 13 Jan 14

Hays Post (KIOGA’s Ed Cross): IDCs and Percentage Depletion Important for American Energy

As the American economy continues to struggle for recovery, policymakers and the public need to be aware of the key advantages available to our nation through increased domestic oil and natural gas production. A recent Harris Interactive poll shows that American voters see great value in a strong domestic energy sector. Nine out of ten […]

  • AdamS
  • 13 Dec 13

Oil and Gas Financial Journal (Column): IPAA Discusses Why Repealing IDCs Would Be Counterproductive

For years, decades really, some political factions in Washington have urged Congress to change the tax code by eliminating what they consider certain unnecessary deductions given to the oil and gas industry. One of these proposed changes is abolition of the Intangible Drilling Costs deduction. Senator Max Baucus of Montana, chairman of the Senate Finance […]

  • Energy Tax Facts
  • 11 Dec 13

Houston Chronicle: IPAA Encouraged Budget Doesn’t Jeopardize Critical Oil and Gas Tax Provisions

WASHINGTON — The oil and gas industry dodged another bullet in the new congressional budget deal, which avoids spiking tax breaks long used by energy companies. Instead, the deal makes modest cuts to a government ultradeep-water research program and to a policy that lets companies collect interest on royalty overpayments. The budget agreement lawmakers unveiled […]

  • Energy Tax Facts
  • 10 Dec 13

Big Sky Business Journal: IPAA’s Barry Russell Helps Explain Intangible Drilling Costs

Dave Galt, Executive Director for the Montana Petroleum Association, explains, “These aren’t ‘subsidies’. IDCs are part of a century-old accounting standard that encourages investment to provide foundation capital that makes production possible for small, independent companies especially.” This year marks the 100th birthday of a tax treatment that allows companies to attract capital and recoup […]

  • Energy Tax Facts
  • 4 Dec 13

Oil and Gas Journal (Column): Reform Targets Tax Measures Vital to Producers, Refiners

The chairman of the US Senate Committee on Finance proposes generally righteous tax reform that would specifically hurt oil and gas producers and refiners. The tax code needs work in important areas like simplicity, fairness, and international competition. But Sen. Max Baucus (D-Mont.) is considering measures that would discourage activity in a lively part of […]

  • Energy Tax Facts
  • 4 Dec 13

Oil and Gas Journal: Baucus Circulates Proposal To Change Federal Oil, Gas Taxes

US Senate Finance Committee Chairman Max Baucus (D-Mont.) released a federal tax reform discussion draft that would make intangible drilling costs, tertiary injectant expenses, and geological and geophysical expenses “qualified extraction expenses” similar to research and experiment outlays. It also would repeal the percentage depletion allowance, another federal tax provision that independent producers consider essential […]

  • Energy Tax Facts
  • 22 Nov 13

IPAA Responds to Chairman Baucus’ Proposal on American Energy Taxes

This week, Senate Finance Committee Chairman Baucus moved forward efforts to update America’s tax code. Unfortunately, the Chairman’s draft proposal includes repealing certain historical tax provisions that are critical to the continued development of American energy such as the Intangible Drilling Costs (IDCs) deduction. In response to Chairman Baucus’ proposal, Independent Petroleum Association of America […]