1975 Scorecard Vote
The Tax Reduction Act of 1975 (H.R. 2166). The vote is on the Green amendment to repeal the 22 percent depletion allowance for oil and natural gas. The depletion allowance would continue for natural gas under fixed contracts or under federal price controls until January 1, 1976 or until prices were increased. Several environmental groups have opposed the depletion allowance because it forces the taxpayer to subsidize the oil industry and to pay for some of the costs of oil production, including oil shale development and offshore oil drilling. All such energy production costs should be reflected in the price to give the consumer an incentive to use less energy. Adopted 248-163. February 27, 1975. ÒYESÓ is the correct vote.