Political Quotes

“this is an amendment from Senator Barrasso and me. It is very straightforward. If you are a restaurant, you can deduct your business expenses. That is normal tax code. If you are a hardware store, you can deduct your business expenses. That is normal operation. Since 1913, intangible drilling costs have been the tax deductions for oil and gas. IDCs, or intangible drilling costs, since 1913, have been set aside for preparing the space, doing all the labor costs, the services, the normal business operations, for 100 years, until now. Slipped into this bill yesterday, into the base tax, strips away the tax deductions for oil and gas companies, what has been in place for over 100 years. If you are a wind farm, you can use renewable energy credits to take your tax rate down to zero because you can deduct your normal business expenses as well. If you are a coal company, you can use 45Q, but if you are oil and gas, your prices are going up. Americans should remember this bill when they fill up in the days ahead and when the people in their communities are trying to get a job with oil and gas. The PRESIDING OFFICER. The Senator from Alaska.”