One of the mysteries of the English language finally explained.
A tax concession allowable to a company whose normal business activities (in particular oil extraction) reduce the value of its own assets.
reduction, cut, discount, deduction, decreaseView synonyms
- ‘This is especially true of the U.S. fossil-fuel industry, which includes a depletion allowance - a tax break based on the eventual exhaustion of an oil field - for oil producers.’
- ‘The association suggested an amendment to the Income Tax Act (in aid of industry) to enable people engaged in quarrying to qualify for the initial allowances and the depletion allowance.’
- ‘The oil industry has enjoyed billions in breaks in the form of depletion allowances.’
- ‘Why did the depletion allowance survive for so long in a system of representative government?’
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