URGENT ACTION REQUIRED!
Sen. Bernard Sanders (I-VT) has offered an amendment to tax legislation pending in the Senate that would increase taxes on independent producers. The amendment mirrors a similar energy tax increase proposed earlier this year by President Obama. The Senate could vote on this amendment as early as Tuesday, June 15.
Among the specific provisions in the amendment are eliminating the expensing of intangible drilling and development costs and eliminating percentage depletion. Sen. Sanders justifies his amendment as penalizing "Big Oil" while, in fact, the amendment would overwhelmingly affect independent producers.
On Monday June 14th we need every member to call their Senators and voice your opposition to this action. All you need to say is something like. . . "I understand Senator Sanders has proposed an amendment to tax legislation that will remove the percentage depletion allowance on my royalty income that has been part of the tax code since 1926. I expect you to oppose this action."
This amendment affects EVERY ROYALTY OWNER IN THE UNITED STATES!
For more information or who you need to contact:Jerry R. SimmonsExecutive DirectorNARO15 W. 6th StreetSuite 2626Tulsa, OK 74119918-794-1660