"One major tax break for energy companies is a nearly century-old benefit letting them deduct "intangible drilling costs" (IDC) immediately rather than over time.<quoted text>
Oil Company Tax Breaks?
Most of the IDC is for the labor costs of drilling a well.
Legislation drafted by Democratic Senator Robert Menendez would limit this break, among others. Ending it completely would raise $14 billion over a decade, according to the White House."
"Many tax experts across the political spectrum said the IDC is a clear exception made for oil."