UPA has signed on to comments submitted by IPAA to the Senate Finance Committee on upcoming tax reform efforts in Congress. IPAA's comments focus on the role of the U.S. tax code in ensuring the continued production of abundant American natural resources and the future of independent producers that support this job-creating development. Independent producers play a critical role in supporting our nation's economy and energy security. Reforming the tax code cannot simply look at change for reforms sake, but rather must take into account the unique considerations of the thousands of producers behind our vital American industry. IPAA's comments look at a number of issues up for debate as tax reform moves forward, including the role of capital recovery provisions, like intangible drilling costs and percentage depletion. The comments summarize, "As sound as the benefits of lower tax rates are, for industries like American oil and natural gas production that is driven by recovering capital and reinvesting it in America, no likely lower tax rate that can be developed in tax reform would offset the loss of the capital recovery provisions that have so effectively encouraged American production." You can view the comments here.