On December 13th, the Independent Petroleum Association of America (IPAA), American Petroleum Institute (API), America’s Natural Gas Alliance (ANGA), and other industry leaders sent a letter to Chairman Baucus regarding his recent tax reform proposal and its impact on a major recent success stories in the American economy – the oil and natural gas industry. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Senate Finance Committee Chairman Max Baucus (D-Mont.) unveiled plans to pare back oil industry tax breaks Thursday as part of a wider proposed overhaul of the corporate tax code. The plan does not attack as many industry tax breaks as some liberal Democrats and the White House have proposed. But it nonetheless drew a quick criticism from the oil […]
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