News Item
July 28, 2023
A large bipartisan coalition in the House is introducing legislation Friday that would reverse a provision in the Inflation Reduction Act (IRA) targeting oil and gas producers.
The Promoting Domestic Energy Production Act ,authored by Reps. Mike Carey, R Ohio, and Vicente Gonzalez, D Texas, and joined by more than a dozen fellow members would aim to ensure the oil and gas industry is able to enjoy the same tax benefits as other capital intensive industries.
Specifically, it allows companies to receive tax deductions on intangible drilling costs (IDC).
At a time of sky high inflation, the American people need any help they can get when it comes to lowering the cost of energy, stated Carey.
In other words giving some positive meaning to the IRA.