Austin, Texas – Today the U.S. House Ways and Means Committee unveiled its draft tax overhaul legislation, which maintains tax policies deemed critical by the Texas Independent Producers and Royalty Owners Association (TIPRO). Key tax provisions included in the committee’s draft are intangible drilling costs (IDCs), percentage depletions and deductions for production from marginal wells, each considered essential tax provisions utilized by U.S. producers for domestic energy development. The following statement can be attributed to TIPRO’s President Ed Longanecker:
“We are encouraged that the draft tax overhaul released by the U.S. House Ways and Means Committee today preserves long-standing tax provisions that are critical to meet America’s growing energy needs. Eliminating these provisions would increase national debt, speed up inflation, bring higher costs to consumers and guarantee an increased reliance on countries like Russia and Saudi Arabia for energy supplies. Further, eliminating these provisions would also not magically diminish demand for oil and gas, and American families would be the ones who are ultimately harmed. While there is much more work to be done, today’s news is a step in the right direction.”
