News & Analysis as of September 23, 2024

Oil & Gas

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Successful Oil Excise Tax Challenge Leads to Opportunities and Uncertainty for Exporters

Morgan Lewis on 11/22/2022

A recent challenge to the constitutionality of the federal excise tax on domestic crude oil exported from the United States proved successful in the US Court of Appeals for the Fifth Circuit. While the US Department of...more

Exxon’s Attempt to Create New Sale/Lease Tax Law Fails

Gray Reed on 11/9/2022

The principal contention in the tax refund case of Exxon v. United States was whether certain mineral related transactions between Exxon and the countries of Qatar and Malaysia were sales or leases. Originally Exxon treated...more

Weekly IRS Roundup June 27 – July 1, 2022

McDermott Will & Emery on 7/6/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 27, 2022 – July 1, 2022...more

Increase in Gasoline Prices Means Increase in Optional Standard Mileage Rates for 2022

Ruder Ware on 12/17/2021

The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2022, and the increase in rates...more

IRS Releases Initial Guidance Regarding Section 45Q Carbon Sequestration Tax Credit

Foley & Lardner LLP on 3/12/2020

On February 20, 2020, the IRS issued its first round of guidance regarding the carbon sequestration tax credit found in Section 45Q (the “Section 45Q Credit”) of the Internal Revenue Code of 1986 (as amended, the “Code”) in...more

Taxation & Representation - April 2019

Brownstein Hyatt Farber Schreck on 4/16/2019

IN THIS ISSUE - Tax Tidbit - Legislative Lowdown - - Congress’s Kumbaya Moment - Biodiesel Tax Credit - Moore Trouble for Fed Pick - And the Results Are In 1111 Constitution Avenue...more

House and Senate Tax Reform Proposals Diverge on Energy Provisions

Holland & Knight LLP on 11/17/2017

On November 2, House Republicans introduced H.R. 1, the Tax Cuts and Jobs Act. Senate Republicans followed suit shortly thereafter, releasing their proposal on November 9. The House Ways & Means Committee concluded its markup...more

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