Study: Tax moves could 'cripple' US oil and gas industry

09/20/2010
Proposals by the Obama administration to kill two tax provisions important to oil and gas companies would do economic harm worth more than the revenue they would raise for the government, according to a study commissioned by the American Energy Alliance.Louisiana State University Prof. Joseph R. Mason, who conducted the study, concludes that ending "dual-capacity" tax provisions and denying oil and gas companies use of a tax deduction available to other industries since 2004 "could cripple the oil and gas sector."Under current dual-capacity tax law, companies with income outside the US can lower US income taxes by the amounts they pay in income taxes to other governmen...
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