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| Wilson Stands Strong Against Increased Taxes On Oil And Gas |
February 27, 2008 |
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Oil and gas industry in New Mexico would be unfairly burdened with tax increase
Washington, D.C. – Congresswoman Heather Wilson (R-NM) today opposed the Renewable Energy and Energy Conservation Tax Act of 2008, a bill that stands to increase taxes on the oil and gas industry by $17.5 billion and negatively affects the oil and gas industry of New Mexico.
This multi- billion dollar tax increase previously came before the House late last year as a provision in the Energy Independence and Security Act of 2007, and Wilson worked closely with Senator Domenici in stripping this tax increase from the bill.
“With oil hitting highs of $101 a barrel in recent days, we should focus on renewable energy policies that give consumers relief at the pump,” said Wilson. “This tax increase will have a crippling effect on our fragile economy, and would surely be passed along to the consumers by way of higher energy prices.
“This misguided legislation will put U.S. companies at a further disadvantage at a time when foreign governments and companies are increasing control over worldwide oil and gas production, and I vehemently opposed it.”
The tax increases in this bill come by singling out oil and gas companies, and denying them benefits for the deduction for manufacturing costs while maintaining this benefit to other industries. It also exposes companies producing overseas to double taxation on their earnings.
Wilson supports the renewable energy provisions in the bill, including the extension of tax credits for energy from renewable and solar sources, as well as for the use of biofuels.
“The use of renewable energy sources should be encouraged without raising the price at the pump for working families across the United States.”
This bill is also opposed by the U.S. Chamber of Commerce, National Association of Manufacturers, Independent Petroleum Association of America, New Mexico Oil and Gas Association, and Americans for Tax Reform.
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