US House Ways and Means Committee Chairman David L. Camp (R-Mich.) released a federal tax reform proposal that quickly drew fire from oil and gas associations because it called for repealing several provisions much of the industry considers essential.
Camp said his plan would simplify the federal tax code by increasing the standard individual and business deductions while eliminating more than 220 exemptions. These would include the percentage depletion allowance and the passive activity allowance for working interests in oil and gas property.
The process involved more than 30 separate congressional hearings dedicated to tax reform; 11 separate bipartisan tax reform working groups created...
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