Oil & Gas Update |
On February 1, 2010, the Obama Administration unveiled a 10-year, $3.8 trillion FY 2011 budget proposal that contains significant tax increases for businesses generally and for oil and gas companies particularly. In all, the budget package provides for $381 billion in tax relief primarily for working families and small businesses and $2.2 trillion in revenue-raising provisions that include tax increases for upper-income individuals and corporations, reform of international tax rules, an end to tax preferences for large oil and gas companies, and closing of perceived corporate loopholes. This report highlights the budget proposals that could have a substantial impact on oil and gas companies and discusses the prospects for legislative action to enact them.
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Oil & Gas Tax Update
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