WASHINGTON, D.C. – U.S. Senator Jim Inhofe (R-Okla.) today introduced two pieces of legislation important to America’s energy independence. Senator Inhofe re-introduced his legislation to repeal Section 526 of the Energy Independence and Security Act of 2007, and was joined by Senator Coburn as a co-sponsor. Senator Inhofe also introduced legislation to accelerate the phase-in for the domestic manufacturing deduction and allow domestic oil and gas companies to take advantage of this important tax benefit, which is designed to preserve and promote domestic job creation.
“Section 526 of the Energy Independence and Security Act of 2007 serves to prevent the Department of Defense from purchasing fuel from the Canadian Tar Sands where there is an estimated 180 billion barrels of oil,” Senator Inhofe said. “This provision prevents the U.S. Air Force from using alternative fuels, such as coal-to-liquid and natural gas-to-liquid fuels, in its fueling options. Tinker Air Force Base in Oklahoma is home to a pilot program to fuel B-52 Tankers with natural gas-to-liquid fuels. Repealing this provision allows the government to purchase these fuels and preserver our military’s fueling options.”
“The Section 199 domestic manufacturing deduction allows firms that produce goods and services and create jobs on our shores to take advantage of a tax deduction for their domestic production activities. This legislation will amend the law regarding the Section 199 deduction to do two things, both of which are important to job creation and domestic energy production. First, the bill will accelerate the phase-in of the deduction for domestic production to the maximum of 9% of domestic production activities for the current year, instead of the scheduled phase-in. Accelerating this phase-in will provide an enhanced tax benefit for firms that expand production and create jobs here in the United States, which is badly needed in the current economic slowdown. Second, the bill will repeal Section 401 of Public Law 110-343, which prevented our nation’s oil and gas companies from taking advantage of the Section 199 tax benefit. Greater energy independence does not come from unreasonably penalizing those firms that produce our domestic energy, and this bill would correct this wrongheaded provision by allowing our nation’s oil and gas companies to take advantage of the Section 199 deduction just as every other business in the nation can.”
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