Continental CEO Urges Congress To Keep Oil, Gas Tax Breaks

Law360, New York (June 12, 2012, 8:44 PM EDT) -- Continental Resources Inc. CEO Harold Hamm urged a Senate panel Tuesday to preserve tax incentives that help independent oil and natural gas companies reduce development costs, warning the U.S. production boom could grind to a halt without them.

Hamm, who serves as an energy adviser to presidential candidate Mitt Romney, told the Senate Finance Committee that deductions for intangible drilling cost deductions, or IDCs, and percentage depletion should be left off the bargaining table in coming talks about tax reform.

Democrats and Republicans have locked horns...
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