IPAA Welcomes Senate Passage of Major Tax Reform Legislation

IPAA Welcomes Senate Passage of Major Tax Reform Legislation

WASHINGTON, D.C. – Independent Petroleum Association of America (IPAA) President and CEO Barry Russell issued the following statement welcoming the U.S. Senate passage of pro-growth, pro-jobs tax reform legislation:

“This morning’s Senate vote is another major step forward in reforming the outdated federal tax code and modernizing it for the 21st Century, benefiting American consumers through economic growth, increased investment, and well-paying jobs. U.S. independent oil and natural gas producers support over 2.1 million American jobs, account for 4 percent of the nation’s Gross Domestic Product (GDP), and invest billions of dollars into the U.S. economy each year. Meaningful tax reforms like lower corporate rates and strong cost-recovery provisions will help producers reinvest into new production and innovative technologies that help keep American energy affordable for U.S. consumers and families.

“IPAA supports this extraordinary effort to reform America’s outdated tax code, which will allow U.S. workers and businesses keep more of their hard-earned paychecks. As the House and Senate work to reconcile their bills, we look forward to working with the Conference Committee and getting a tax reform bill to the president’s desk that includes cost-recovery provisions for businesses and ensures more opportunities for hardworking men and women to achieve the American Dream.”

To learn more about taxes and the energy industry, visit our website EnergyTaxFacts.com.

About the Independent Petroleum Association of America
The Independent Petroleum Association of America (IPAA) is a national upstream trade association representing thousands of independent oil and natural gas producers and service companies across the United States. Independent producers develop 90 percent of the nation’s oil and natural gas wells. These companies account for 54 percent of America’s oil production, 85 percent of its natural gas production, and support over 2.1 million American jobs. Learn more about IPAA by visiting www.ipaa.org and following @IPAAaccess on Twitter.

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