From the Houston Business Journal:
The 2017 Tax Cuts and Jobs Act (TCJA) is the biggest change to tax laws in more than 30 years. Under the TCJA, oil and gas companies can expect substantial tax law adjustments. Depending on your company’s entity type (C corporation, partnership, S corporation or sole proprietorship), you may be able to take advantage of new tax breaks.
The TCJA has generally lowered income tax rates for individuals, but it has also significantly reduced the income tax rate for corporations and eliminated the corporate alternative minimum tax (AMT). In addition, it also provides a large new tax deduction for most owners of pass-through entities and significantly increases individual AMT and estate tax exemptions. There is an obvious downside, though: the TCJA eliminates or limits many existing tax breaks, and much of the relief it offers is only temporary.
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