Cathy Landry | 202.682.8114 | landryc@api.org
WASHINGTON, September 14, 2010 – The American Petroleum Institute is pleased the Senate failed to approve Senator Bill Nelson’s amendment, which sought to rescind a job-creating tax provision (Section 199) for a handful of oil and natural gas companies, according to API Tax Manager Stephen Comstock:
“We are pleased the Senate failed to approve this shortsighted amendment that sought to unfairly repeal a job-creating tax provision for a handful of oil and natural gas companies. Had it passed, the provision would have raised taxes and killed jobs, something the nation cannot afford, especially when so many Americans are out of work.
“While we are disappointed that the Senate was unable to fix the 1099 reporting requirements in the small business bill with an amendment offered by Senator Mike Johanns, we are pleased the majority turned back the effort to increase taxes on the oil and natural gas industry, which ultimately could have cost American jobs.”
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NOTE: API on Friday sent a letter to Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell strongly urging opposition of Senator Nelson’s amendment, noting that repealing the Section 199 tax deduction for certain U.S. oil and natural gas companies would “discourage investment in new domestic energy projects by an industry that now supports more than 9.2 million American jobs. That would depress growth in new jobs, reduce oil and natural gas revenues to our government, and increase reliance on foreign sources of energy.” See full text of the letter below.
API represents more than 400 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America’s energy, supports more than 9.2 million U.S. jobs, accounts for 7.5 percent of the U.S. economy, and, since 2000, has invested nearly $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives, while reducing the industry’s environmental footprint.
Updated: September 14, 2010