Re:H.R.2184 – End Oil and Gas Tax Subsidies Act
by matt_attack on Friday September 09, 2022 @08:42PM
(#32786559)
Unless they get a tax refund from it, it absolutely is not a sum of money granted to them.
In reality the government is simply just punishing all other businesses that can't take the same deductions.
You might as well consider it a subsidy to you if your neighbor gets mugged.
> a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.
Yes, tax deductions (to businesses) are absolutely subsidies. It's the most common form of subsidization!
> Especially if you are a business and might lose 3x as much money in a year as you make to invest in long term growth.
This bill extends the amortization schedule from 24 months to 7 years. It's actually helping ease this burden. The rest of the clauses are removing what are essentially government handouts to oil and gas companies.