Apr 27, 2021 IPAA Testimony for April 27, 2021 Senate Committee on Finance Hearing
IPAA submitted testimony for the Senate Committee on Finance April 27, 2021 hearing titled “Climate Challenges: The Tax Code’s Role in Creating American Jobs, Achieving Energy Independence, and Providing Consumers with Affordable, Clean Energy.”
“…Oil and natural gas tax policies will continue to draw attacks from those anti-oil and natural gas factions that want to cripple American production. Much of the rhetoric surrounding these attacks will hide behind the red herring of “tax subsidies for Big Oil” when the reality is that the tax provisions are not “subsidies’ but normal business deductions. The impact of changing the provisions will fall on independent oil and natural gas producers, substantially on small businesses, and on royalty owners such as retirees, ranchers and farmers who own oil and natural gas mineral resources underlying their properties…”
