Jun 2, 2021 Joint Letter to the Senate Committee on Finance in Opposition to Proposed Changes to the Internal Revenue Code in the Clean Energy for America Act
“The undersigned trade associations represent all segments of the oil and natural gas sector ranging from family-owned businesses to the largest multi-national enterprises operating around the world. We write to voice our uniform opposition to proposed changes to the Internal Revenue Code (“the Code”) in the Clean Energy for America Act, which are aimed at the oil and natural gas sector. Rather than “leveling the playing field,” these proposed changes would necessarily result in fewer jobs, higher energy costs for American families, and the loss of market share to foreign competitors, like the state-owned enterprises from China and Russia….
“We encourage the committee to avoid using the tax code as a weapon to discriminate against any particular economic sector. The natural gas, oil, and fuels industries should not be prevented from recovering costs that other industries are eligible for simply because they operate in a different economic sector. The U.S. tax code allows industries across the manufacturing sector to recover costs related to job creation and other operational investments. These common tax mechanisms allow these companies to create jobs, invest in our communities, and deliver the energy that working families rely on every day. …”