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 -

Tax Actions by the Alaska Legislature in 2022

Stoel Rives - Mineral Law on 10/13/2022

In my most recent column for State Tax Notes, I look at several bills that did and didn’t pass in the latest session of the Alaska State Legislature, which adjourned in May, and at what may be on the horizon....more

Energy Tax Implications of New Infrastructure and Tax Plans

Mayer Brown on 4/2/2021

The American Jobs Plan - On March 31, 2021, the Biden administration released the American Jobs Plan (the “Infrastructure Plan”), which is a proposal that, if ultimately enacted, aims to modernize outdated infrastructure,...more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

Year-End Spending Bill Includes Tax Extenders, Disaster Tax Relief

Brownstein Hyatt Farber Schreck on 12/18/2019

Just past midnight on Dec. 17, lawmakers released an amendment to one of two spending bills released on Dec. 16—H.R. 1865—the Further Consolidated Appropriations Act of 2020. Most notably, the amendment included an extension...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

FERC and the Tax Cuts and Jobs Act of 2017 – Natural Gas Pipelines

Orrick, Herrington & Sutcliffe LLP on 2/7/2018

The Federal Energy Regulatory Commission (FERC) Staff has initiated inquiries involving numerous interstate natural gas pipelines, seeking information on the impact of the Tax Cuts and Jobs Act of 2017 (Tax Act) on those...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

Spotlight on Louisiana: 2015 Legislative Session Increases Tax Burdens to Balance State Budget

Baker Donelson on 7/15/2015

Even though Louisiana's 2015 legislative session has concluded, the dust may be far from settled as to how increases in tax burdens meant to balance the State's budget will impact taxpayers. At least one industry trade...more

BC LNG Tax Regime: Rate Concessions and New Tax Credit but Uncertainty Remains

Bennett Jones LLP on 10/27/2014

On October 21, 2014, the British Columbia government introduced Bill 6, the Liquefied Natural Gas Income Tax Act (LNGITA). The LNGITA proposes a two-tier tax on income derived from liquefaction activities at liquefied natural...more

CRS Report on the Administration’s Proposal to Repeal Tax Breaks for the Oil & Gas Industry

Akin Gump Strauss Hauer & Feld LLP on 12/5/2013

The Congressional Research Service (CRS) on October 30 published a report on the Obama Administration’s proposal to repeal or modify certain tax benefits provided to the oil and gas industry. ...more

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