IPAA Access - Winter 2012 - (Page 16)

◗ FEATURE: Tax Update Money Matters Industry Tax Issues Continue to Loom Large in 2012 The failure of the Congressional “supercommittee” to come to an agreement on the federal budget in the fall of 2011 was no great surprise. While the committee’s inaction left the industry seemingly unscathed, the impact of the debate that dominated Washington in the latter half of 2011 has come to shape a very new landscape for the issue of oil and natural gas industry taxes in 2012. ccording to the budget deficit legislation passed in August, because the supercommittee failed to reach an agreement, automatic federal budget cuts will become effective beginning in 2013—an issue that may continue to have a negative effect on markets. And though the industry’s tax provisions, which include drilling costs, were saved from the chopping block, this does not mean that the industry is safe from the prospect of dramatic tax code restructuring. Furthermore, it isn’t just the typical anti-industry opposition that IPAA and its allies must now contend with to make the industry’s case. Many Republicans in Congress— including some of its most prominent members—continue to look at a longterm overhaul framework to lower tax rates while reducing deductions. Such a move wouldn’t spare the oil-and16 IPAA Access | Winter 2012 A

Table of Contents for the Digital Edition of IPAA Access - Winter 2012

President’s Message
Leadership Profi les
Money Matters
IPAA’s New Look
An Industry Under Fire
Supply and Demand Committee Fall Meeting
Summer NAPE
OGIS® San Francisco
82nd IPAA Annual Meeting
New Members
Upcoming Events
Index of Advertisers

IPAA Access - Winter 2012