President Obama in his weekly address the importance of passing the American Jobs Act. He emphasize that the bill will create millions of jobs and the tax cut measures will save small businesses and the middle class.
Indeed, the bill repeal oil subsidies.
From the text of the American Jobs Act:
SEC. 431. REPEAL OF DEDUCTION FOR INTANGIBLE DRILLING AND DEVELOPMENT COSTS IN THE CASE OF OIL AND GAS WELLS.
SEC. 432. REPEAL OF DEDUCTION FOR TERTIARY INJECTANTS.
SEC. 433. REPEAL OF PERCENTAGE DEPLETION FOR OIL AND GAS WELLS.
SEC. 434. SECTION 199 DEDUCTION NOT ALLOWED WITH RESPECT TO OIL, NATURAL GAS, OR PRIMARY PRODUCTS THEREOF.
SEC. 435. REPEAL OIL AND GAS WORKING INTEREST EXCEPTION TO PASSIVE ACTIVITY RULES.
SEC. 436. UNIFORM SEVEN-YEAR AMORTIZATION FOR GEOLOGICAL AND GEOPHYSICAL EXPENDITURES.
SEC. 437. REPEAL ENHANCED OIL RECOVERY CREDIT.
SEC. 438. REPEAL MARGINAL WELL PRODUCTION CREDIT.
Indeed, the bill repeal oil subsidies.
From the text of the American Jobs Act:
SEC. 431. REPEAL OF DEDUCTION FOR INTANGIBLE DRILLING AND DEVELOPMENT COSTS IN THE CASE OF OIL AND GAS WELLS.
SEC. 432. REPEAL OF DEDUCTION FOR TERTIARY INJECTANTS.
SEC. 433. REPEAL OF PERCENTAGE DEPLETION FOR OIL AND GAS WELLS.
SEC. 434. SECTION 199 DEDUCTION NOT ALLOWED WITH RESPECT TO OIL, NATURAL GAS, OR PRIMARY PRODUCTS THEREOF.
SEC. 435. REPEAL OIL AND GAS WORKING INTEREST EXCEPTION TO PASSIVE ACTIVITY RULES.
SEC. 436. UNIFORM SEVEN-YEAR AMORTIZATION FOR GEOLOGICAL AND GEOPHYSICAL EXPENDITURES.
SEC. 437. REPEAL ENHANCED OIL RECOVERY CREDIT.
SEC. 438. REPEAL MARGINAL WELL PRODUCTION CREDIT.