Cardinal Carminative
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- Apr 2, 2022
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Except as I have already pointed out other than unconventional tax credits - which lowered tax payments - no oil company was ever subsidized to produce oil and gas.
Direct Subsidies
Intangible Drilling Costs Deduction (26 U.S. Code § 263. Active). This provision allows companies to deduct a majority of the costs incurred from drilling new wells domestically. In its analysis of President Trump’s Fiscal Year 2017 Budget Proposal, the Joint Committee on Taxation (JCT) estimated that eliminating tax breaks for intangible drilling costs would generate $1.59 billion in revenue in 2017, or $13 billion in the next ten years.
(SOURCE)
(I love how you guys treat tax concessions as something other than a subsidy. LOL. Unfortunately the actual professionals in this field DO call them subsidies.)