• 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 all sizes succeed. This legislation ensures that the U.S. tax code is modernized, pro-growth, and benefits American consumers, businesses, and the economy,” said IPAA President and CEO Barry Russell following the vote.

The House legislation, which passed by a vote of 227-205, continues to preserve long-held capital recovery tax provisions, such as intangible drilling costs and percentage depletion, which are critical for our capital-intensive industry. The U.S. Senate Committee on Finance is currently working on its version of a tax reform package, which also retains the industry’s capital recovery provisions that are in current law. The legislative markup of the Senate bill is expected to conclude later this week. Congress and the Trump Administration want to complete action on tax reform this year. These next few weeks will be crucial for that effort and IPAA staff will be pressing everywhere we can for a positive outcome.

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