Senate Oil Allies Push Expanded Tax Breaks for Drillers

Oil companies would be able to take advantage of expanded and accelerated tax deductions under legislation Republican senators are advancing to aid domestic producers during the coronavirus pandemic.

• Measure sponsored by Sen. John Cornyn and backed by 10 other oil-state senators provides framework for possible oil industry-targeted relief as lawmakers more aggressively discuss a new stimuluspackage
• Bill, S. 4041, would allow the immediate expensing of certain direct and indirect costs, such as inventory, slash required biweekly deposit of certain motor fuel excise taxes and allow 100% deduction of 2020 intangible drilling costs
  • Measure also would make it easier ...