• Energy Tax Facts
  • 3 Jun 21

ATR: Biden Plan to Repeal IDCs Threatens Manufacturing Jobs, Raises Energy Costs

President Joe Biden and Congressional Democrats have proposed repealing various tax provisions they describe as “oil and gas subsidies.” Many of these provisions, such as the deduction of intangible drilling costs (IDCs), are not subsidies but are important tax provisions that promote investment, job creation, and growth. Repealing this provision and raising taxes on oil and gas taxpayers is a reckless policy proposal that will threaten manufacturing jobs across the country and raise the cost of energy for American families.