Deficit Panel May Aim at Oil Tax Breaks
Source: Houston Chronicle, Jennifer Dlouhy (9/6/11)
"A big question is whether the panel will embark on a broad rewrite of the tax code, with a lower corporate tax rate in exchange."
An industry that usually likes gushers is hoping President Barack Obama hits a dry hole in his bid to repeal coveted oil and gas company tax breaks.
Lee Fuller, the vice president of government relations for the Independent Petroleum Association of America, said a big question is whether the deficit-cutting panel will embark on a broad, top-to-bottom rewrite of the tax code, with the promise of lowering the corporate tax rate in exchange for doing away with specific deductions and credits.
"Once you start getting into that arena of tax deductions, then it seems like everything's in play," Fuller said. . .View full article