Obama administration 2015 budget request retains punitive measures

03/10/2014
The White House proposed repealing six federal tax code provisions it considers unnecessary breaks for the oil and gas industry in its fiscal 2015 budget request. The repeals essentially repeated those in its fiscal 2014 budget request, and quickly drew fire from industry leaders. Eliminating what it labeled "oil and natural gas preferences" would reduce the federal deficit by an estimated $4.9 billion in the first year, and by $27.75 billion over 5 years and $44.83 billion over 10 years, according to the latest proposed budget. The biggest impacts would come from no longer allowing intangible drilling costs to be expensed ($2.32 billion in fiscal 2015 and $14.35 billion over 10...
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