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Senate Oil Allies Push Expanded Tax Breaks for Drillers

June 24, 2020, 2:58 PM

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 ...