News

  • Energy Tax Facts
  • 19 Jul 21

The Tribune: Brady urges action on Biden tax proposals

U.S. Congressman Kevin Brady says time is limited to speak up against recent proposals made by the Biden administration.

In an early morning roundtable with business leaders in north Houston, Brady spoke of potential effects if proposed tax increases suggested by Pres. Joe Biden pass.

In May, the White House released Biden’s FY 2022 budget, which would fund programs on the back of America’s energy workers, Brady said. The budget proposal would remove or alter eight oil and gas-related tax provisions that would impact domestic producers.

He discussed IDC, or intangible drilling costs, percentage depletion, enhanced oil recovery credits, passive loss exception and other provisions, which if passed, will cost tens of thousands of jobs per year and reduce state revenue by almost $200 million annually.

“There is an attack on energy right now. It began with the cancellation of the Keystone Pipeline,” Brady said. …

Read more