Obama Cuts Oil and Gas Subsidies
The President’s budget highlights, released last week, took the ax to major subsidies to the oil and gas industry. Through the elimination of several tax breaks and royalty loopholes, the Administration tallied more than $30 billion in savings for U.S. taxpayers. The budget proposed repealing and adjusting oil and gas giveaways that included longstanding subsidies such as the passive loss exemption for oil and gas properties, and the percentage depletion allowance for oil and natural gas and the expensing of tangible drilling costs.
Read more about these tax breaks and other oil and gas tax breaks in the Taxpayers for Common Sense oil and gas subsidy analysis.
Information obtained from Taxpayers for Common Sense.
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