Posted November 14, 2017
Tax reform legislation is advancing in the U.S. Senate, and it’s good that Finance Committee Chairman Orin Hatch and a number of senators are pursuing pro-growth, pro-development changes that would modernize the tax code and help improve the competitiveness of U.S. businesses operating internationally. Such reforms would help strengthen our economy, spur investment and boost job creation. API President and CEO Jack Gerard:
“It’s been over 30 years since the U.S. last updated its tax code, and bold proposals will ensure our industry can continue investing billions in the U.S. economy each year while also driving innovations in technologies to protect the environment and keep energy affordable for consumers.”
The Finance Committee has dozens and dozens of proposed amendments to consider, including some that would enhance the global competitiveness of U.S. firms that are developing natural gas and oil abroad by treating natural gas and oil companies the same as other industries operating abroad in their use of tax credits for payment of foreign income taxes and to prevent double taxation on repatriated foreign earnings.
Below, a new video on pro-growth tax reform – the ways it can encourage economic growth, spur job creation and help keep energy costs down – especially relevant as legislative efforts move ahead in Congress:
The fact is the natural gas and oil industry supports America like none other, with an effective tax rate – total income taxes imposed by federal, state and foreign governments divided by pretax income – that tops all other industries:
Pro-growth tax reform is critically important for a number of U.S. industries, including natural gas and oil. With the right reforms a modernized tax code can encourage business growth – instead of discouraging it – that in turn will support job creation and generate tax revenues for government. In the energy sector, pro-growth reforms will help foster the increased natural gas and oil production our country needs to be secure in the future. Gerard:
“As this important process continues and additional details emerge, the oil and natural gas industry stands ready to work with Congress and the administration to enact strong, pro-growth tax legislation that will help us drive the economy and add to the millions of U.S. jobs supported by our industry.”
ABOUT THE AUTHOR
Mark Green joined API after a career in newspaper journalism, including 16 years as national editorial writer for The Oklahoman in the paper’s Washington bureau. Mark also was a reporter, copy editor and sports editor. He earned his journalism degree from the University of Oklahoma and master’s in journalism and public affairs from American University. He and his wife Pamela live in Occoquan, Va., where they enjoy their four grandchildren.