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9899Depletion allowance.

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  • William S
    Jun 28, 2010
      I had a thought. The depletion allowance for the oil companies is to compensate them for the depletion of the resource. (15% of gross revenue) We all know that oil is finite - we are transitioning to the harder to get oil. I wish there was a way to divert the depletion allowance to require the oil companies to invest in solar, and sustainability. This is a business decision, and some of the oil companies are doing this - BP Solar for instance. The depletion allowance provision in the tax code needs to be re-written to encourage investment in longer term energy sources.
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