Monday, June 28, 2010

Gas Drillers Have It Made: PA Taxpayers Foot the Bill

This from PennFuture:

Tax breaks for gas drillers

In Pennsylvania, gas drillers don't pay property taxes on the value of the natural gas as they do in Texas and other states. And thanks to the 2005 Energy Policy Act, passed by Congress and signed by President George W. Bush, almost all the costs of drilling can be directly deducted from drilling companies' taxes. The Intangible Drilling Costs tax deduction allows companies to directly deduct 70 percent of costs including wages, supplies, site preparation, fuels, chemicals and other equipment needed for drilling. Pennsylvania taxpayers foot the bill when they pay their federal income tax.

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