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Recently, the Administration weighed into the tax debate with a framework for corporate tax reform. While the U.S. oil and natural gas industry supports comprehensive tax reform, this “framework” is little more than a political outline that picks winners and losers. Click “read more” to view API’s full analysis and response.
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The Obama Administration's FY 2013 Budget proposal includes over $85 billion in tax increases on the U.S. oil and natural gas industry. See API’s full analysis and press statement.
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There are many tax issues that API is currently engaging with lawmakers on. Here is a breakdown of some of the main tax issues API is working on.
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The U.S. oil and natural gas industry does not receive “subsidized” payments from the government to produce oil and gas. However, there are many provisions in the tax code that allow companies to recover their costs. The oil and gas industry are eligible for these deductions, which are similar to, if not the same as, deductions available to many other industries.
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U.S. oil and natural gas companies pay considerably more of its profits in taxes than the average manufacturing company. In fact, the average effective tax rate for this industry is well over the statutory rate and in 2010, the oil and natural gas industry paid more in total taxes than any other sector. Read more to find out more about how this industry continues to pay our fair share.
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API partners with leading scholars, researchers, world-class qualitative and quantitative analysis firms and data analysts to produce unparalleled studies and research. See below for examples of various studies about the effect of tax policy on the oil and natural gas industry in the United States.
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As Congress considers ways to pay for new spending projects and offset pieces of legislation, it is important to remember the public’s concerns about increased taxes on the oil and natural gas industry in America. API has conducted polls to determine this issue’s level of importance for voters.
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Washington is facing a clear budget choice and increased access to American energy is the answer.
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API remains committed to providing the facts about the oil and natural gas industry that supports 9.2 million U.S. jobs and 7.5% of our nation’s GDP. With this in mind, we have created this easy-to-follow and conveniently sized “pocket card” that provides the facts and figures about the oil and natural gas industry. Available as a printable card or a one page document with full citations, explore the two links below to learn more.
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API also focuses on a limited number of state tax issues involving the industry. For example, we review various state and federal motor fuel excise taxes to update consumers on how much tax is charged when they purchase motor fuel in their state.
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Benefits to be gained from increased oil and natural gas development
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