Pete Domenici: “first, the Senator is offering an amendment which purports to respond to what some executives had to say about whether…”

“first, the Senator is offering an amendment which purports to respond to what some executives had to say about whether they needed or wanted the tax provisions in the Tax Policy Act we passed. These provisions--the principal ones--are 50 years old. They are not part of the energy package. They have been there for 50 years, upon which the energy companies rely when they drill expensive holes and invest expensive amounts. It has to do with the amortization of costs. Some of it is intangible, meaning it is not a product because part of the cost is intangible. Part of the cost that goes into producing these is seismic information and the like. That is why it is called that. But these were not adopted in the energy package. They have been part of the production of energy in the United States for eons. We want more production, and we come along and take those away. It seems to me this is the wrong time, and it is not germane. The PRESIDING OFFICER. The Senator from Iowa is recognized.”