The American oil and natural gas industry has been a bright spot in our economy, with benefits felt across the nation and here in Kansas. Innovations spurred by small businesses and entrepreneurs have generated a domestic energy revolution. American oil and natural gas production is up because the small businesses that make up the independent […]
Barry Russell, president and CEO, Independent Petroleum Association of America: IPAA President & CEO Barry Russell issued the following statement in response to Chairman Camp’s tax reform proposal released today. “IPAA appreciates the effort that Ways and Means Committee Chair Dave Camp has put into the development of a federal tax reform proposal. This document […]
As the American economy continues to struggle for recovery, policymakers and the public need to be aware of the key advantages available to our nation through increased domestic oil and natural gas production. A recent Harris Interactive poll shows that American voters see great value in a strong domestic energy sector. Nine out of ten […]
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 […]
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 […]
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 […]
The chairs of the House Ways and Means and Senate Finance committees have made tax reform a top priority. Both are making a concerted effort to develop a consensus within their committees. In addition, the special budget committee co-chaired by Sen. Patty Murray (D-Wash.) and Rep. paul Ryan (R-Wis.) has made tax reform a major […]
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