Without key provisions in the Republican-led tax act, a Texas oil and gas trade group said the 20 percent of oil produced by smaller companies would be at risk. U.S. President Donald Trump signed the Tax Cuts and Jobs Act before leaving for his Christmas holiday. The measure, which extends permanent tax cuts to corporations, passed out of the House and Senate along party lines. In a statement emailed late Tuesday to UPI, the Texas Alliance of Energy Producers said two provisions — the percentage depletion allowance and the expensing of intangible drilling costs – meant small and independent producers could stay competitive. “Instituted […]

Posted in: USA