Congress passed the 2010 federal budget without adopting the Obama Administration’s proposal to eliminate several tax provisions favorable to the oil and gas industry, including percentage depletion and expensing of intangible drilling costs. See my earlier post discussing these tax provisions. Adam Haynes, EVP of Texas Independent Producers and Royalty Owners Association (TIPRO), was…
President Obama, in an attempt to recoup some of the money being spent to revive the economy, proposes to repeal several tax provisions near and dear to the oil and gas industry: Enhanced oil recovery credit Marginal well tax credit Expensing of intangible drilling costs Deduction for tertiary injectants Passive…
H.R. 1835, the New Alternative Transportation to Give Americans Solutions Act of 2009 (NAT GAS Act) was introduced in the U.S. House of Representatives by Dan Boren (D-OK), John Larson (D-CT) and John Sullivan (R-OK). Its purpose is to promote the use of natural gas in vehicles, with an emphasis…