If you are so inclined, to preserve the depletion allowance, call the Senate Finance Committee Members today and tomorrow.
Your call should be simple . . .
“I understand the Finance Committee is preparing a draft on tax reform. As an oil and gas royalty owner I want to express my sincere desire that the Committee maintain percentage depletion as it currently exists just as the House Ways and Means Committee did.”
To the right is a list of Committee members to concentrate on.
If your Senator is not listed still make the call just say . . .
“My Senators are not on the Finance Committee but I understand the Committee will make decisions that could have a dramatic effect on me and my family . . .”
Then say the above statement on percentage depletion.
We have heard that the Finance Committee is considering a limit on percentage depletion of 20% of the adjusted cost basis. Determining a cost basis can be very difficult. This is one of the reasons Congress enacted percentage depletion.
Committee Members to Call:
Hatch (UT) 202-224-5251 Grassley (IA) 202-224-3744 Crapo (ID) 202-224-6142 Roberts (KS) 202-224-4774 Enzi (CO) 202-224-3424 Cornyn (TX) 202-224-2934 Thune (SD) 202-224-2321 Burr (NC) 202-224-3154 Isakson (GA) 202-224-3643 Portman (OH) 202-224-3353 Toomey ¶ 202-224-4254 Heller (NV) 202-224-6244 Scott (SC) 202-224-6121 Cassidy (LA) 202-224-5824
YOUR VOICE MAKES A DIFFERENCE! YOU CAN SAVE PERCENTAGE DEPLETION!!