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The Water Cooler
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<blockquote data-quote="vvvvvvv" data-source="post: 2709115" data-attributes="member: 5151"><p>It's basically a means of duping the sheep. Many of the "subsidies" are your normal tax deductions and credits for business (such as depreciation and cost of goods sold, Percentage Depreciation and Intangible Drilling Costs respectively), they just have provisions that specify exactly what qualifies as a valid line item. Even then, for the most part only your small independent producers and managers are able to actually claim those deductions or credits. Other subsidies are the exemption from passive loss limitations, which no commodity-based industry could survive without given the rest of the tax code.</p><p></p><p>You can <a href="http://www.oecd.org/site/tadffss/" target="_blank">find a list of "big oil subsidies" here</a> and <a href="http://priceofoil.org/wp-content/uploads/2012/04/OECD.US_.2009.2010-FIN.xlsx" target="_blank">here (Excel spreadsheet)</a>.</p><p></p><p>By the way, here's the top 3 federal "subsidies" for oil:</p><p></p><p>$1B - Strategic Petroleum Reserve</p><p>$1B - Farm Fuel Tax Exemption</p><p>$570M - Low-Income Home Energy Assistance Program</p><p></p><p>And for natural gas:</p><p></p><p>$2.9B - Low-Income Home Energy Assistance Program</p><p>$340M - Excess of Percentage over Cost Depletion </p><p>$240M - Expensing of Exploration and Development Costs </p><p></p><p>And for coal:</p><p></p><p>$3.8B - R&D</p><p>$380M - Excess of Percentage over Cost Depletion</p><p>$240M - (Consumer) Credit for Investment in Clean Coal</p><p></p><p>Or the total for Oklahoma - $52M oil + $173M natural gas +$4M coal = $229M. By the way, $57M of that is the sales tax exemption for residential natural gas use.</p></blockquote><p></p>
[QUOTE="vvvvvvv, post: 2709115, member: 5151"] It's basically a means of duping the sheep. Many of the "subsidies" are your normal tax deductions and credits for business (such as depreciation and cost of goods sold, Percentage Depreciation and Intangible Drilling Costs respectively), they just have provisions that specify exactly what qualifies as a valid line item. Even then, for the most part only your small independent producers and managers are able to actually claim those deductions or credits. Other subsidies are the exemption from passive loss limitations, which no commodity-based industry could survive without given the rest of the tax code. You can [URL="http://www.oecd.org/site/tadffss/"]find a list of "big oil subsidies" here[/URL] and [URL="http://priceofoil.org/wp-content/uploads/2012/04/OECD.US_.2009.2010-FIN.xlsx"]here (Excel spreadsheet)[/URL]. By the way, here's the top 3 federal "subsidies" for oil: $1B - Strategic Petroleum Reserve $1B - Farm Fuel Tax Exemption $570M - Low-Income Home Energy Assistance Program And for natural gas: $2.9B - Low-Income Home Energy Assistance Program $340M - Excess of Percentage over Cost Depletion $240M - Expensing of Exploration and Development Costs And for coal: $3.8B - R&D $380M - Excess of Percentage over Cost Depletion $240M - (Consumer) Credit for Investment in Clean Coal Or the total for Oklahoma - $52M oil + $173M natural gas +$4M coal = $229M. By the way, $57M of that is the sales tax exemption for residential natural gas use. [/QUOTE]
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