C. William Smalling PLLC

C. William Smalling PLLC

  • 1330 Post Oak Boulevard, Suite 1600
  • Houston, Texas
  • 77056
  • Phone: (713) 513-7153
  • Fax: (866) 738-0042
  • Website

Description

Repeal Manufacturing Tax Deduction (§199) The repeal of the domestic manufacturing tax deduction is a provision in the proposed budget for FY2013 that affects both independent and the major companies’ oil and natural gas tax liabilities. The Administration estimates that the repeal of this deduction for the petroleum industries would contribute $16.49 billion in revenue for the period FY2013 to FY2022. This statute was enacted in 2004 as part of the American Jobs Creation Act to encourage the expansion of U.S. employment in manufacturing.

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