Oil and gas deduction could be key to onshore drilling
BATON ROUGE- Louisiana oil and gas representatives say a tax deduction dating back seven or eight decades could help jumpstart onshore oil activity. The break allows companies to deduct a percentage of their income as costs. It is an annual break of 22 percent for certain properties.
Mid Continent Oil and Gas President Chris John says it is a key part of the state's incentives package. He says there has been much more offshore and global production in recent years. According to John, the oil market has stayed strong and that could mean a renewed interest in onshore drilling.