Excerpt
Government assistance to the oil and gas industry dates back to 1916. That year, Congress passed legislation allowing oil companies to deduct 5 percent of sales from their taxable income to compensate for the declining value of their equipment. The Revenue Act of 1926 created two more incentives: the oil depletion allowance (allowing a deduction of a percentage of gross income for the depletion of exhaustible reserves) and the Foreign Tax Credit (allowing companies to offset taxes paid to other countries).
These laws still exist, and over the decades have been supplemented with other incentives. The Obama Adm…
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Oil Industry Tax Breaks
Gas Prices, Energy Production, and Economic Growth
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Impact of Tax Policy on Gasoline Prices
Energy Industry Benefits and Effects on the Market
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"Ending Subsidies for Big Oil Companies"
President Obama's Weekly Address
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Factors That Influence Oil Prices
Energy Information Agency Asessment
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Legislative Background on Oil and Gas Subsidies
Recent Action by Congress on Repealing Industry Tax Breaks
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Buffett Rule
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Health Care Law in Limbo
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Pro & Con
Should the Senate Pass S. 2204, to Repeal Tax Subsidies for Oil and Gas Companies?