Obama Administration Seeks to Eliminate Special Tax Breaks for Oil and Gas Firms, such as GeoDynamics Inc.
Summary
From the standpoint of GeoDynamics, the overall jobs act generally contains language that would support small crude oil producers.The repeal of subsidies and elimination of tax breaks is generally focused on the "Big Five" multinational oil companies: Exxon Mobil, Shell, Chevron, BP and ConocoPhillips.The act contains language that would repeal subsidies, eliminate tax credits claimed for foreign sales and operations, and do away with a variety of manufacturing deductions taken by oil and gas companies.For instance, the act would improve the prospects of small businesses by implementing tax breaks to support new hiring and stimulate oil production in the United States.When Barack Obama ran for president in 2008, one of his campaign promises was to eliminate tax breaks for big oil.The repeal of subsidies and elimination of tax breaks is generally focused on the "Big Five" multinational oil companies: Exxon Mobil, Shell, Chevron, BP and ConocoPhillips.