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Impact on percentage depletion of tax reform under consideration now in Congress

  • 49 Replies
  • 2111 Views
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shinobi

  • 4202
The House version of tax reform has been voted upon.  I do not yet know what the Senate is doing on this.  Here is a lift:

“We are pleased that the House version of the tax bill left intangible drilling costs and percentage depletion untouched, which has been the primary focus,” Ed Longanecker, president of the Texas Independent Producers and Royalty Owners Association told Hart Energy on Nov. 9. “The House Ways and Means Committee is marking up the bill this week and if successful will likely go to the floor prior to Thanksgiving. We hope the Senate version of the bill protects IDCs and percentage depletion, but we will have to see how those negotiations go.”

Here is your reference:

https://www.oilandgasinvestor.com/house-tax-reform-vote-set-do-oil-gas-companies-benefit-1669301#p=full
« Last Edit: November 20, 2017, 10:41:53 AM by shinobi »

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macal

  • 9473
Re: House version of tax reform leaves percentage depletion untouched
« Reply #1 on: November 18, 2017, 03:28:23 PM »



  Who greased them?

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ghrit

  • 3361
  • Member since October 05, 2008
Re: House version of tax reform leaves percentage depletion untouched
« Reply #2 on: November 18, 2017, 03:38:02 PM »



  Who greased them?
Who cares?  And why?
There are two kinds of ships.  Submarines and targets.
www.survivalmonkey.com

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macal

  • 9473
Re: House version of tax reform leaves percentage depletion untouched
« Reply #3 on: November 18, 2017, 03:50:31 PM »



  I do. I would like some sunshine on all these ' campaign contributions'. Whos greasing Turzai and Yaw. I would like to know.

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riverrat

  • 1652
Re: House version of tax reform leaves percentage depletion untouched
« Reply #4 on: November 18, 2017, 04:17:10 PM »
you did read the 1st post?   who's greasing slim ball wolfie

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ghrit

  • 3361
  • Member since October 05, 2008
Re: House version of tax reform leaves percentage depletion untouched
« Reply #5 on: November 18, 2017, 04:25:18 PM »



  I do. I would like some sunshine on all these ' campaign contributions'. Whos greasing Turzai and Yaw. I would like to know.
I guess you will have to do some research, then.  That way, you might find some truths rather than wild assed guesses.
There are two kinds of ships.  Submarines and targets.
www.survivalmonkey.com

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aubrey

  • 14366
  • NEWBIE
Re: House version of tax reform leaves percentage depletion untouched
« Reply #6 on: November 18, 2017, 08:28:13 PM »
here's a truth that our resident idiot was too lazy to read for himself.

the op refers to the u.s. house of representatives, not the pa legislature.

of course that won't stop him from firing from the hip and any and all republicans.

stupid is as stupid does.

wj
CHANGE IT BACK!

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macal

  • 9473
Re: House version of tax reform leaves percentage depletion untouched
« Reply #7 on: November 18, 2017, 08:52:14 PM »



  The depletion allowance is a Federal tax deduction aimed at oil and gas producers. I thought we were simplifying the tax code. Maybe not for the mega donors.

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aubrey

  • 14366
  • NEWBIE
Re: House version of tax reform leaves percentage depletion untouched
« Reply #8 on: November 18, 2017, 11:32:25 PM »
generally speaking, cost depletion is the preferred method for businesses to write off their capital investments.

percentage depletion is most often taken by mineral owners, (us), as a tax break.

moron.

wj
CHANGE IT BACK!

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shinobi

  • 4202
Re: House version of tax reform leaves percentage depletion untouched
« Reply #9 on: November 19, 2017, 08:01:13 AM »
WJ is correct.

That's why I posted the OP in the first place.  This news directly impacts royalty owners, regardless where in the USA they live or own land.

Pivotal is the tax reform legislation currently working its way through the US Senate.  If the Senate also leaves percentage depletion alone then it is more likely, when differences between House and Senate bills are worked through and resolved in conference, that we royalty owners will retain this benefit.

I believe, at least I hope, the Senate will be voting on their version of tax reform after Thanksgiving.  It is uncertain now whether or not this measure will pass in the Senate.  If it does, we will know straightaway where we stand, regarding percentage depletion, vis a vis the Senate bill.  It is more difficult to know this today with any certainty, since the legislation in the Senate right now remains a work in progress.

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macal

  • 9473
Re: House version of tax reform leaves percentage depletion untouched
« Reply #10 on: November 19, 2017, 08:07:40 AM »



 
Oil depletion allowance - Wikipedia


[/color]Wikipedia › wiki › Oil_depletion_allowa...


The oil depletion allowance in American (US) tax law is an allowance claimable by anyone with an economic interest in a mineral deposit or standing timber.

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macal

  • 9473
Re: House version of tax reform leaves percentage depletion untouched
« Reply #11 on: November 19, 2017, 08:49:25 AM »
WJ is correct.

That's why I posted the OP in the first place.  This news directly impacts royalty owners, regardless where in the USA they live or own land.

Pivotal is the tax reform legislation currently working its way through the US Senate.  If the Senate also leaves percentage depletion alone then it is more likely, when differences between House and Senate bills are worked through and resolved in conference, that we royalty owners will retain this benefit.

I believe, at least I hope, the Senate will be voting on their version of tax reform after Thanksgiving.  It is uncertain now whether or not this measure will pass in the Senate.  If it does, we will know straightaway where we stand, regarding percentage depletion, vis a vis the Senate bill.  It is more difficult to know this today with any certainty, since the legislation in the Senate right now remains a work in progress.


   No worries, Im sure Orrin and Rex haave had that discussion.

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ghrit

  • 3361
  • Member since October 05, 2008
Re: House version of tax reform leaves percentage depletion untouched
« Reply #12 on: November 19, 2017, 08:52:48 AM »


   No worries, Im sure Orrin and Rex haave had that discussion.
I suppose they have, right after the revelation that Nibaru will arrive next week.
There are two kinds of ships.  Submarines and targets.
www.survivalmonkey.com

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riverrat

  • 1652
Re: House version of tax reform leaves percentage depletion untouched
« Reply #13 on: November 19, 2017, 09:04:16 AM »
he just keeps rambling on   even tho he makes no sense   no link to original post

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macal

  • 9473
Re: House version of tax reform leaves percentage depletion untouched
« Reply #14 on: November 19, 2017, 09:27:51 AM »


  Let me spell it out for you Rat. Rex is the Secretary of State.
 He just resigned from being the CEO of Exxon Mobil. Orrin is the Chairman of the Senate Finance Committee who is writing the new tax laws. That's a lot of money for Exxon Mobil not to mention all you Shaleonaires up there Wyalusing way.
« Last Edit: November 19, 2017, 09:29:47 AM by macal »