Some areas of impact would be:
- • Intangible drilling and development costs.
- • Percentage depletion.
- • Geological and geophysical amortization.
- • Marginal well tax credit.
- • Enhanced oil recovery tax credit.
- • Manufacturing tax deduction.
- • Excise tax on Gulf of Mexico production.
- • Passive loss exception for working interests in oil and gas properties.
IADC is cooperating with industry grassroots programs designed to encourage greater involvement and higher visibility of the issues, as well as one-on-one relationships with congressional representatives. The association has signed on to related testimony and continues to participate in the IPAA legislative alert system, which generates letters to individual members of congress. IADC and IPAA have shared database information for the alert system since its inception.
For more information, contact Brian Petty, IADC senior vice president – government affairs at +1/202-293-0670 or by e-mail.