the provision that the Senator from Florida seeks to take out of the bill is part of a very carefully balanced and level tax package that should remain in this bill. We should table this amendment. Simply stated, the situation is, if you produce oil, you pay a royalty. You can deduct it. But if the price of oil drops, you have to pay delayed rental payments, and you pay the payments to the Government. You should be able to deduct those payments as you can deduct royalty payments when they are paid. That is what the bill says. That provision should be kept in the bill.
John B. Breaux: “the provision that the Senator from Florida seeks to take out of the bill is part of a very carefully balanced and level…”
On the recordApril 25, 2002
Said by
John B. Breaux
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govinfo.govEditor's note · Context
Discussing a tax provision related to oil production during Senate floor debate.
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