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The one tax abuse I remember them talking about a lot then was percentage depletion for oil.
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In addition, the independents are allowed to take percentage depletion, while the integrated firms must use cost depletion.
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So what is percentage depletion and why is it considered a subsidy?
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Of the many loopholes hidden away in the tax code, percentage depletion is one of the easiest targets and at the top of the list.
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And so, layered atop the convoluted tax provision for percentage depletion, the fancy term for imaginary depreciation writeoffs, is a penalty called the alternative minimum tax.
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Yes, other extractive industries get to use percentage depletion, too.
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But oil and gas is a huge chunk of the extraction business, and the percentage depletion rules are more favorable for fossil fuels than for other things you might extract.
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The percentage depletion deduction was conceived in 1932 based on the accepted corporate tax principle that business taxes should be reduced in scale as the value of company equipment, structures and other assets diminish over time.
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