Environment & Energy

The 1st he talks about that the oil and gas industry has is the 'Intangible Drilling Cost' deduction where they get to deduct 80% of the cost of developing new wells before they are producing anything. Not sure if this is specific to just oil and gas. Could apply to any drilling or mining?

The 2nd is 'Bonus Depreciation'. This is where they get to deduction the cost of equipment in the first year instead of over a long term. In times of economic downturns, Congress will normally have this in legislation to encourage companies to invest in capital equipment. This is something that isn't specific to oil and gas.

He also talks about how the oil and gas companies escape the 15% minimum tax on profits that was passed in the Big Bad Bill recently.

https://www.democraticunderground.com/1127185378