I agree. Congress should stop picking the Fossil Fuel industries as winners. How about we start with repealing the following 9 provisions.
1)Deductions for the costs of drilling wells
Location in tax code: 26 U.S.C. § 263(c)
Amount saved by repealing: $13.1 billion between 2018 and 2026
2)Domestic manufacturing deduction for oil and gas production
Location in tax code: 26 U.S.C. § 199
Amount saved by repealing: $10.9 billion between 2018 and 2026
3)Deductions for the depletion of oil and gas deposits
Location in tax code: 26 U.S.C. § 613A(c)(1)
Amount saved by repealing: $12.1 billion between 2018 and 2026
4)Deductions for the depletion of oil shale deposits
Location in tax code: 26 U.S.C. § 613(b)(2)(B)
Amount saved by repealing: The U.S. Treasury would save $840 million between 2018 and 2026 by repealing the depletion deduction for all hard mineral fossil fuels, of which oil shale is one. The amount applying to oil shale alone is unknown.
5)Deductions for the costs of oil shale exploration and development
Location in tax code: 26 U.S.C. § 617
Amount saved by repealing: The U.S. Treasury would save $768 million between 2018 and 2026 by repealing this tax preference for certain mining exploration expenditures, including expenditures for oil shale. The amount applying to oil shale alone is unknown.
6) Amortization of geological and geophysical expenditures
Location in tax code: 26 U.S.C. § 167(h)
Amount saved: $1.3 billion between 2018 and 2026
7)Deductions for tertiary injectants
Location in tax code: 26 U.S.C. § 193
Amount saved by repealing: $100 million between 2018 and 2026
8)Exception to passive loss limitation for working interests in oil and natural gas properties
Location in tax code: 26 U.S.C. § 469(c)(3)
Amount saved by repealing: $310 million between 2018 and 2026
9)Marginal wells tax credit
Location in tax code: 26 U.S.C. § 45I
Amount saved by repealing: $0, unless oil and natural gas prices fall below a certain threshold