Industry tax preferences

Favorable tax options available to US oil and gas companies have been under siege throughout the Obama presidency and would remain so if former Massachusetts Gov. Mitt Romney won the general election Nov. 6. Romney stated his position in his second debate with Obama on Oct. 16, when he said he'd make industry preferences part of his broad review of deductions and credits subject to elimination in a program of tax reform. Regardless of the outcome of the election, therefore, the industry will have to defend longstanding tax mechanisms mischaracterized as subsidies. It won't be easy. The subject is complicated and, except to tax accountants, boring. No one lacking a professional interest in...

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