The "Revenue Act of 1913"
allowed oil companies to write off 5 percent of the costs from
oil and gas wells beginning March 1, 1913.
Pages 172 through 174
They can now deduct three times this rate, at 15 percent.
A rule dating from 1926 that establishes how oil companies can depreciate the value of their wells allows drillers to deduct 15% of the well's
revenue from its taxable income per year. This is instead of a more traditional depreciation scheme in which the cost of the well is depreciated over
the well's life.Source
As many as they now get
refuses to cut the big oil tax breaks though.
Senate Democrats followed by forcing a vote to end tax cuts for the five largest oil companies, which Republicans resoundingly
defeated.GOP blocks Obama’s
effort to end tax breaks for Big Oil
And we wonder why
The game is rigged folks
edit on 1-3-2013 by Tazkven because: (no reason given)