Keeping percentage depletion keeps Michigan’s small, local oil and gas producers in business!
IPAA Action Alert
October 26, 2017
Dear IPAA Member:
Congress is expected to begin the process of writing tax reform legislation in the next few weeks. Following passage of the budget resolution, the House of Representatives is expected to release its first legislative draft on or about November 1. The House Ways and Means Committee will then begin markup of the bill the following week with the goal of passing a tax reform bill out of the House around the middle of November. The Senate will begin action on its tax reform package on or about November 13.
Click here to contact your congressional delegation to let them know that these tax provisions are critical to the long-term growth and viability of America’s energy producers.
Repealing percentage depletion for small oil and gas producers and royalty owners will reduce drilling and production of crude oil and natural gas, which would be counterproductive to the stated goals of the Congress and President of achieving “U.S. energy independence”, increasing economic activity, and reducing taxes for the middle class.