TIPA Extends Tax Benefits for Permian Basin Oil and Gas Companies

“TIPA Extends Tax Benefits for Permian Basin Oil and Gas Companies” by Laura Roman for Midland Reporter-Telegram (December 30, 2014)

With passage of the Tax Increase Prevention Act of 2014 (TIPA) on Dec. 16, Congress approved substantial legislation that sustains 2013 tax year benefits for Permian Basin oil and gas companies. TIPA is included in HR 5771, which encompasses an array of tax provisions affecting individuals and businesses operating in various industries.

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