As your constituent I strongly ask you to oppose the $3.5 trillion reconciliation budget plan that specifically targets my profession by pushing for crippling tax increases, royalty and leasing changes, and the eliminiation of pro-job provisions that will destroy domestic traditonal energy production for the American people.
Specifically, I strongly oppose provisions eliminating (1) Intangible Drilling Cost Deductions; (2) Percentage Depletion; (3) Amortization of Geological and Geophysical Costs; (4) Marginal Well Tax Credit; and (5) Passive Loss Exception.
I also strongly oppose either new or increased taxes or fees such as: (1) increasing the onshore royalty rate up to 20%; (2) raising the minimum bid fee per acre; (3) mandating royalties be paid on extracted methane; (4) cutting lease terms to 5 years; (5) imposing idle well fees; (6) and increased rental rates to $100/acre; or (7) imposing a new methane and greenhouse gas tax on domestic producers under the proposed Methane Emissions Reduction Act of 2021.
The above provisions will destroy American oil and gas production and our domestic economy at the very time Americans are trying to get back back to work following a global pandemic.
I strongly urge you to vote NO on any budget provisions that tax and increase fees on American production at a time when we need to support American workers.
