Letters & Comments

Letters and Comments Nov 28, 2012

Dear Chairman Camp, Ranking Member Levin, Chairman Baucus and Ranking Member Hatch: On behalf of the undersigned, representing millions of American workers, energy producers and consumers, we are writing out of concern that future tax reform efforts could seek to limit or even eliminate the current deductibility of intangible drilling costs (“IDCs”). As you know, IDCs are those costs incurred by an operator of an oil and gas well for the labor, fuel, repairs, hauling and other nonsalvageable expenses required for the drilling of oil and gas wells. They are ordinary and necessary expenses and are no different from expense deductions taken by other businesses. The tax code currently allows operators to deduct these ordinary and necessary business expenses as they are incurred.

Letters and Comments Nov 28, 2012

Dear Chairman Camp, Ranking Member Levin, Chairman Baucus and Ranking Member Hatch: As Congress gathers to address issues for the remainder of this session, of the many items that may be offered are tax increases on American oil and natural gas production. Action that would target a single industry that is so critical to America’s economy should not be carelessly wedged into a last minute legislative package. While there are a number of oil and natural gas tax provisions targeted by the Obama Administration, this letter addresses a specific provision that affects small businesses and royalty owners only – repeal of percentage depletion

Letters and Comments Nov 27, 2012

Dear Leader Reid, Leader McConnell, Speaker Boehner, and Leader Pelosi: As the post-election session of the 112th Congress seeks agreement on a plan to avoid automatic tax increases and spending cuts by the end of the year, the undersigned oil and natural gas organizations believe it is critical that any solution embraces a pro-growth objective focusing on job creation and avoids targeted tax increases on particular industries.

Letters and Comments Nov 19, 2012

The development of America’s abundant oil and natural gas reserves has generated millions of dollars in state, local and federal revenues while creating tens of thousands of good jobs and bolstering America’s national and economic security. Federal tax policy can enhance or impede – or devastate – the success of this development. Changing tax policy in the chaos of negotiations during a lame duck session of Congress presents a risk to American energy development that must not occur.

IPAA is the industry's strongest presence in the nation's capital and these are important times. The entire oil and gas industry remains under fire from anti-development groups; but with these challenges arise unique opportunities that IPAA is seizing for our members.