Last in, first out, is out.
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The oil-and-gas industry and other parts of the energy sector have let the Senate’s top tax writer know they’re no fans of his tax reform plans.
The American Petroleum Institute and more than a dozen other groups say that Senate Finance Chairman Max Baucus’s recent draft discussion would hurt their abilities to recover costs and invest in the economy.
A draft discussion released by Baucus (D-Mont.) would roll back a tax break that allows companies to write off property more quickly than it depreciates, and an accounting method known as “last in, first out,” or LIFO.
Energy producers have said that tax provisions that allow them to quickly recover costs are perhaps even more important than the lower rates offered by potential tax reform plans.