Rep. Dave Camp's Tax Proposal

Oil and Gas Leasing Help
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Includes elimination of percentage depletion allowance for oil and gas income. Here is a link to a summary of the proposal (see page 66): http://waysandmeans.house.gov/uploadedfiles/ways_and_means_section_by_section_summary_final_022614.pdf

It is not just royalty owners being picked on. It is a massive tax simplification proposal. My concern is that trying to depreciate minerals instead of taking a percentage depletion allowance will be very difficult because: 1) it is hard to establish the cost basis, especially on inherited minerals; 2) the cost basis is likely to be very low in most cases, meaning there will be minimal depreciation allowed.

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Thanks Wade

This alert was sent this afternoon. This is not just for NARO members. Everyone please take notice!

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ATTENTION NARO MEMBERS – YOU MUST TAKE ACTION!

Today, U.S. Rep. Dave Camp, R-Mich., chairman of the U.S. House Committee on Ways and Means unveiled his plan to grab 15 percent of your royalty income and cut the economic value of your oil and gas minerals. Camp plans to do this by repealing your ability to calculate mineral depreciation though percentage depletion.

Pick up the phone today and tell your U.S. Representative to block this proposed tax increase and to fight for your ability to use percentage depletion.

SCRIPT: “I am one of millions of Americans who receive oil and gas royalty income. Chairman Camp’s plan would raise my taxes by 15 percent and make my private minerals uneconomic to develop. If you do not vocally oppose this measure, I will assume you are for it, tell my friends and neighbors, and act accordingly in the voting booth.”

These key Republican congressmen serve on Ways and Means Committee with Chairman Camp. Tell them to reject Mr. Camp’s proposal to raise your taxes.

U.S. Rep. Charles Boustany (LA): 337-235-6322

U.S. Rep. Kevin Brady (TX): 936-439-9532

U.S. Rep. Tim Griffin (AR): 501-324-5941

U.S. Rep. Lynn Jenkins (KS): 785-234-5966

U.S. Rep. Sam Johnson (TX): 469-304-0382

U.S. Rep. Mike Kelly (PA): 724-282-2557

U.S. Rep. Kenny Marchant (TX): 972-556-0162

U.S. Rep. Devin Nunes (CA): 559-323-5235

U.S. Rep. Tom Reed (NY): 607-654-7566

U.S. Rep. Pat Tiberi (OH): 614-523-2555

Don’t count on others to make calls. You must act to protect your income.