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US tax reform welcomed

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Hydrocarbon Engineering,

The American Fuel & Petrochemical Manufacturers (AFPM) has issued a statement in response to the ‘Unified Framework for Fixing Our Broken Tax Code’ recently released by congressional Republican leaders and the Trump administration.

The statement reads: “Today’s framework is an important and welcomed step toward a modern tax code that will create jobs and enhance the global competitiveness of US manufacturing. The proposal makes critical progress on a simpler, pro-growth tax policy and AFPM looks forward to reviewing further details of the plan as they emerge.”

Meanwhile, the President and CEO of the American Petroleum Institute, Jack Gerard, issued the following statement in response to the tax reform proposal: “Our industry supports pro-growth tax reform, and today leaders in Congress and the administration demonstrated their commitment to achieving this shared goal.

“Creating jobs, growing the economy and spurring investment in the US through pro-growth tax reform is something everyone can support. As this process continues, we look forward to working with Congress and the administration on tax policies that will benefit American consumers and businesses and strengthen the U.S. energy renaissance.

“The natural gas and oil industry is a major driver of our economy, investing billions each year in the US economy and supporting over 10 million jobs. The right pro-growth tax policies can accelerate these economic investments and create more jobs while keeping energy affordable for consumers. This includes strong cost-recovery provisions, which are a critical part of any pro-growth tax code to allow new investment and help fuel the US economy.

“As the world’s leading producer and refiner of oil and natural gas, the US needs a competitive international tax system that will allow our businesses to operate around the globe. A competitive international tax system will support our industry so we can continue investing in the US economy while also driving innovations in technologies to protect the environment and keep costs low for energy consumers.”

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