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Senate / Begins Tax Cut Bill Work Again / Oil Depletion Allowance #36322

ABC Evening News for Thursday, Mar 20, 1975
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(Studio) Senator throws out work done so far on tax cut bill and starts all over from scratch again.
REPORTER: Harry Reasoner

(Capitol Hill) Senator starting over with new streamlined tax plan offered by Senate majority leader Mike Mansfield. Details of Mansfield's bill outlined. Senator must resolve question of oil depletion allowance.
REPORTER: Sam Donaldson

(Studio) Oil depletion allowance gives big tax break to oil investors; originally set up to encourage expensive oil exploration. Small oil companies believe allowance should continue, at least for them.
REPORTER: Harry Reasoner

(Albany, Texas) Nearly 90% of wildcat wells drilled in country by independent operators. [Independent driller John Rex JONES - says he plans to drill 30-40 wells this year; if depletion allowance done away with, about 1/2 as many wells would be drilled.] [Investment broker Dale SCHWARZHOFF - says only 4-5% of exploratory wells ever make money. Tax benefit has significant factor on investor's desire to put his money in these wells.]
REPORTER: Roger Peterson

(Studio) Oil companies to fight hard to keep oil depletion allowance.
REPORTER: Harry Reasoner

Reporter(s):
Donaldson, Sam;
Peterson, Roger;
Reasoner, Harry
Duration:
00:04:10

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