More than 50 lawmakers are pushing for the repeal of oil and natural gas industry “subsidies” as part of the budget reconciliation bill currently being hashed out in Congress. But ironically, the two most notable “subsidies” in their crosshairs – the expensing of intangible drilling costs (IDCs) and the percentage depletion allowance – aren’t subsidies at all. […]
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 […]
Download the Letter Dear Chairman Wyden and Ranking Member Crapo, The undersigned trade associations represent all segments of the oil and natural gas sector ranging from family-owned businesses to the largest multi-national enterprises operating around the world. We write to voice our uniform opposition to proposed changes to the Internal Revenue Code (“the Code”) in […]
“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 security.”
“…Oil and natural gas tax policies will continue to draw attacks from those anti-oil and natural gas factions that want to cripple American production. Much of the rhetoric surrounding these attacks will hide behind the red herring of “tax subsidies for Big Oil” when the reality is that the tax provisions are not “subsidies’ but […]
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