Dec 20, 2017 Tax Reform Legislation Puts America’s Energy Needs First
WASHINGTON, D.C. – Representing the nation’s independent producers that develop 90 percent of America’s oil and natural gas wells, IPAA President and CEO Barry Russell issued the following statement praising the final passage of the Tax Cuts and Jobs Act conference report, which will now head to President Trump’s desk to be signed into law:
“Today’s final approval by both the House and Senate is an historic step in modernizing the U.S. tax code for the 21st Century. The U.S. oil and natural gas industry is a capital-intensive industry. We’re pleased to see the final bill includes pro-growth measures that support the unique nature of our businesses, while allowing producers to continue investing billions of dollars back into American energy and the U.S. economy. Meaningful tax policies like strong cost-recovery provisions, full expensing of capital expenditures, repeal of the corporate Alternative Minimum Tax, and lower corporate rates will help our member companies reinvest into new production and innovative technologies that will keep American energy affordable for U.S. consumers and create opportunities for the U.S. workforce.
“IPAA applauds Congress on its extraordinary effort to reform the outdated federal tax code and for the continued support of these pro-energy priorities throughout the process. We support President Trump’s actions to finalize this important legislation that puts America’s energy needs first and provides much-needed economic growth and tax relief for millions of Americans.”
To learn more about the energy industry and tax reform, visit EnergyTaxFacts.org.
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.