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Oil & Gas Corporate Taxes

BCLP

Autumn Budget 2024: Key Takeaways for the UK’s Energy Sector - Part Two

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On October 30 2024, the Labour government delivered their first Budget since 2010. The Budget introduced some key changes for the energy industry, including the Energy Profits Levy and Relief for payments made into a Carbon...more

BCLP

Further Changes to the Energy (Oil and Gas) Profits Levy Announced

BCLP on

The UK government has announced further changes to the Energy (Oil and Gas) Profits Levy, increasing the rate to 38%, extending the period to which it applies to 31 March 2030 and removing the “unjustifiably generous” main...more

Pillsbury Winthrop Shaw Pittman LLP

Overview of the Impact of the 88th Legislative Session on the Oil, Gas and Renewables Industries in Texas

The 88th regular session of the Texas Legislature saw an unusually high number of proposed bills with a stated focus of ensuring reliability of the Texas grid and favoring “dispatchable generation” (having output within human...more

Bennett Jones LLP

Why Municipal Tax Arrears of $20,000 Could Prevent Applications for or Transfers of Well Licences in Alberta

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As discussed in our previous blog post, Unpaid Municipal Taxes Will Impact New AER Licenses and License Transfers, the Alberta Minister of Energy released Ministerial Order 043/2023 (the Order) on March 16, 2023. The Order...more

Bennett Jones LLP

Unpaid Municipal Taxes Will Impact New AER Licences and Licence Transfers

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On March 20, 2023, the Alberta Minister of Energy, Peter Guthrie, released ministerial order 043/2023 (the Order). The Order, authorized pursuant to the Responsible Energy Development Act, requires the Alberta Energy...more

Venable LLP

IRS Asks for Comment on Whether Existing Fossil-Based Hydrogen Production Methods Should be Eligible for the IRA Production Tax...

Venable LLP on

The Inflation Reduction Act (IRA) contained an enormous benefit - valued in the billions of dollars - for the U.S. hydrogen industry in the form of a Production Tax Credit (PTC) for “qualified” green hydrogen produced over...more

Gray Reed

Exxon’s Attempt to Create New Sale/Lease Tax Law Fails

Gray Reed on

The principal contention in the tax refund case of Exxon v. United States was whether certain mineral related transactions between Exxon and the countries of Qatar and Malaysia were sales or leases.  Originally Exxon treated...more

Stoel Rives - Mineral Law

Tax Actions by the Alaska Legislature in 2022

In my most recent column for State Tax Notes, I look at several bills that did and didn’t pass in the latest session of the Alaska State Legislature, which adjourned in May, and at what may be on the horizon....more

Hogan Lovells

Temporary Solidarity Contribution concerning the Oil, Gas, Coal and Refinery Sectors

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The European Commission has published its proposal for a Council regulation on an emergency intervention to address high energy prices. Besides establishing a regime for demand reduction and a cap on market revenues from...more

BakerHostetler

Inflation Reduction Act Expected to Become Law

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Key Takeaways: ..The Senate voted 51-50 on August 7 to pass the Inflation Reduction Act. ..The legislation is expected to pass the House this week without changes and to be signed by President Biden. ..The...more

A&O Shearman

UK Introduces Energy Profits Levy on 'Extraordinary Profits' of Oil and Gas Companies

A&O Shearman on

The U.K. Government announced on May 26, 2022 its intention to introduce with immediate effect a temporary Energy Profits Levy (the “Levy”), an additional U.K. Corporation Tax charge at a rate of 25% on the profits of oil and...more

Holland & Knight LLP

Venezuela Update: January 19, 2022 (Spanish)

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Holland & Knight's Venezuela Focus Team invites you to read our Venezuela Update, in which we discuss the latest news, trends and developments in Venezuela that impact the interests of businesses across all industry sectors. ...more

Holland & Knight LLP

Venezuela Update: January 19, 2022

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Holland & Knight's Venezuela Focus Team invites you to read our Venezuela Update, in which we discuss the latest news, trends and developments in Holland & Knight's Venezuela Update, produced in conjunction with...more

Bennett Jones LLP

Alberta Proclaims New Legislation to Address Municipal Tax Arrears

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On December 8, 2021, Alberta proclaimed in force Bill 77, the Municipal Government (Restoring Tax Accountability) Amendment Act, 2021 (the Amending Act), which is intended to strengthen municipal budgets following reports by...more

Holland & Knight LLP

The Green Book and Green Energy

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Since the beginning of his presidential campaign, President Joe Biden has made clear his vision to drive the United States toward world leadership in green energy. With tax policy long an important tool in the toolbox for...more

Mayer Brown

Energy Tax Implications of the Administration’s FY2022 Budget Tax Proposals

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On May 28, 2021, the Biden administration (the “Administration”) released its FY2022 budget (the “Budget”), which includes proposed investments related to infrastructure, clean energy and research and development. Alongside...more

Vinson & Elkins LLP

Biden’s Jobs Plan Sets Bold Goals For Infrastructure, Climate Change, And The Economy

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On March 31, 2021, President Joe Biden announced the American Jobs Plan (the Plan). The Plan proposes approximately $2 trillion in government funding over the next decade focused on infrastructure, the electric grid,...more

Morgan Lewis

Initial Takeaways from the American Jobs Plan

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The Biden-Harris administration announced its American Jobs Plan, a legislative framework laying out an ambitious $2 trillion investment in physical and human infrastructure, on March 31. The bulk of the proposed spending is...more

Mayer Brown

Energy Tax Implications of New Infrastructure and Tax Plans

Mayer Brown on

The American Jobs Plan - On March 31, 2021, the Biden administration released the American Jobs Plan (the “Infrastructure Plan”), which is a proposal that, if ultimately enacted, aims to modernize outdated infrastructure,...more

Opportune LLP

2020 Oil & Gas Impairments: What’s Behind the Numbers?

Opportune LLP on

Find out why some energy companies are considering potential oil and gas impairments amid low oil and gas pricing, and what key considerations go into conducting these impairments in order to comply with debt covenants and...more

Bracewell LLP

Utilizing REITs for Midstream Assets

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The real estate investment trust (REIT) has been a preferred vehicle for investment in income producing real estate portfolios. The REIT provides investors with many federal income tax benefits associated with C-corporations,...more

Robins Kaplan LLP

Financial Daily Dose 11.16.2019 | Top Story: Aramco Seeks Valuation of $1.7B, Well below Original Goal

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Saudi Aramco’s slow trickle of IPO-related information continued this weekend, including its goal of setting overall company market value at a staggering $1.7 trillion. The figure, though massive, is still well short of the...more

Morgan Lewis

FERC Continues to Respond to Dozens of Pipeline Company Tax Filings

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Rate reductions across the natural gas sector could materialize as a result of the Federal Energy Regulatory Commission’s ongoing investigation of benefits gained by the recent reduction in the federal corporate income tax...more

Opportune LLP

Proposed Bonus Depreciation Regulations Favorable For Certain Energy Partnership Transactions

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President Trump signed into law the Tax Cuts and Jobs Act (the “TCJA”) on December 22, 2017. Included in the TCJA were amendments to IRC §168(k), which permits taxpayers to expense 100% of the costs of certain qualified...more

Eversheds Sutherland (US) LLP

FERC orders natural gas pipelines to address federal income tax changes

On July 18, the Federal Energy Regulatory Commission (FERC) issued orders (i) adopting procedures to implement the federal corporate income tax rate reduction in natural gas pipeline rates, and (ii) providing guidance...more

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