Oil and Gas Industry Faces Key Changes with New Tax Law

摘要

The Tax Cuts and Jobs Act (TCJA) outlines many changes for taxpayers in the oil and gas industry. It generally lowers income tax rates for individual taxpayers, significantly reduces the income tax rate for corporations, and eliminates the corporate alternative minimum tax (AMT).It also provides a large new tax deduction for most owners of pass-through entities and significantly increases individual AMT and estate tax exemptions.