News

  • Energy Tax Facts
  • 26 May 21

Senate Finance Committee Bill that Repeals Oil and Natural Gas Tax Provisions Moves Forward

Today the Senate Committee on Finance held a hearing to discuss Chairman Ron Wyden’s ‘Clean Energy for America Act.’ The sweeping energy tax legislation includes over 30 billion dollars in tax incentives for elective vehicles, AND contains the repeal of multiple oil and natural gas industry tax provisions including Intangible Drilling Costs and Percentage Depletion. In the final vote following debate on amendments, […]

  • Energy Tax Facts
  • 24 May 21

S&P Global Platts: Listen: Independent US oil, gas drillers fight higher taxes, leasing ban

The White House and Democrats in Congress are looking at a number of ways to increase taxes and federal revenues from the oil and gas industry as part of their climate and clean energy agenda. They’re looking at higher royalty rates on federal lands and eliminating deductions like intangible drilling costs and percentage depletion. S&P […]

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  • Energy Tax Facts
  • 13 May 21

More than 50 Lawmakers Urge Pelosi to Consider Impacts When Targeting Tax Treatment of O&G Industry

Today Rep. Jodey Arrington (R-TX), Whip Steve Scalise and more than 50 other lawmakers wrote to Speaker Pelosi on tax treatment of the oil and natural gas industry.“It’s one thing for policies to accelerate investment activity or production of certain products, but it is an entirely different matter to write laws that would punish a particular industry, especially one that is so fundamental to our economic growth and national […]

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  • Energy Tax Facts
  • 21 Apr 21

Senate Finance Committee Bill Would Eliminate Expensing of IDCs, Percentage Depletion, EOR credits and more

Today, Senate Finance Committee Chair Ron Wyden, D-Ore., and 24 colleagues introduced the Clean Energy for America Act, legislation “to overhaul the federal energy tax code, create jobs and combat climate change.”According the Senators, “the current system of energy incentives is overly complex and far less effective than it should be, with more than 40 different energy tax incentives, including permanent subsidies for Big Oil… The Clean […]

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  • Energy Tax Facts
  • 21 Dec 17

Tax Reform Legislation Passes Congress, Prioritizes American Energy

This week, the U.S. Congress passed the Tax Cuts and Jobs Act, sending the bill to President Donald Trump’s desk for his signature. This was an historic step to advance the most substantial reform to the U.S. tax code in decades. Overall, the tax package will be positive for American oil and natural gas producers, […]

  • Energy Tax Facts
  • 30 Nov 17

Four Reasons Congress Must Consider America’s Independent Oil, Gas Producers in Tax Reform Debate

In recent weeks, Congress has been taking steps to pass what will be the most comprehensive tax reform bill in over 30 years. Earlier this week, the Senate Budget Committee approved the GOP tax reform plan, moving it to the Senate floor as President Trump made a trip to the Hill to discuss the legislation […]

  • Energy Tax Facts
  • 16 Nov 17

House Approves Pro-Growth, Pro-Energy Tax Reform Legislation

The U.S. House of Representatives took a significant step forward on tax reform this afternoon by passing a pro-growth, pro-jobs bill. “Meaningful reforms, like lowering the corporate tax rate and strong cost-recovery provisions, will be an important shot in the arm for the U.S. economy and will help independent oil and natural gas producers of […]

  • Energy Tax Facts
  • 2 Nov 17

House Republican Leadership Releases Tax Reform Legislation

Earlier today, the U.S. House of Representatives Republican leadership released its tax reform legislation. The bill is comprehensive. It changes corporate tax rates to a single 20 percent rate and creates a 25 percent rate for pass-through entities. Full expensing of capital expenditures is provided through 2022. The Alternative Minimum Tax is repealed. Importantly, for […]