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Internal Revenue Code of 1986

The main body of tax laws for the United States, which the IRS enforces.

Full Expensing

A tax rule that allows a business to deduct the entire cost of a new asset from its taxable income in the year it was purchased, rather than deducting it over several years.

Flaring

The practice of burning off unwanted natural gas at oil and gas production sites, often visible as a large flame.

Venting

The controlled release of natural gas, primarily methane, directly into the atmosphere at oil and gas production sites without burning.

Mitigation System

Equipment or processes designed to reduce or lessen the severity of a problem, in this case, the release of natural gas into the atmosphere.

Natural Gas

A naturally occurring hydrocarbon gas mixture consisting primarily of methane, often found associated with petroleum deposits.

Foreign Entity of Concern

A term used in law to refer to foreign governments or companies that pose a national security risk or are involved in certain problematic activities, often limiting their access to U.S. programs or benefits.