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The expensing of intangible drilling costs — including exploration and development — dates to 1916.
Most of the breaks — deductions for well depletion, intangible drilling costs and the like — are unique to the industry.
The bill would also deny the companies the ability to deduct some intangible drilling and development costs.
The bill would also deny the companies the ability to deduct some intangible drilling and development costs, producing another $2 billion.
Congress should now focus on the oil industry, which has long enjoyed a web of arcane and unnecessary tax breaks — deductions for well depletion and intangible drilling costs.
A century ago Congress adopted a provision that allowed companies to write off "intangible drilling costs" in the first year of exploration.
Similar(46)
Intangible assets.
Intangible assets are exchanged against intangible products.
Others are more intangible.
It was intangible assets".
It's an intangible.
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