Energy
US Chamber Urges House Members to Oppose Energy Legislation
By US Chamber of Commerce
Feb 27, 2008, 11:20

Washington, DC — Feb 26, 2008 — The U.S. Chamber of Commerce sent a key vote letter to the U.S. House urging members to oppose H.R. 5351 the "Renewable Energy and Energy Conservation Tax Act of 2008."

The Chamber opposes this legislation because it singles out the oil and gas industry for punitive tax treatment.  Any denial or limitation of the section 199 deduction for oil and gas companies will discourage investment, result in the loss of jobs, and ultimately, decrease supply and increase energy costs for businesses. 

The Chamber also opposes the modification of the foreign tax credit rules for oil and gas companies, since this modification will increase the taxes companies pay on foreign earnings and potentially expose them to double taxation, which would place these companies at a competitive disadvantage to foreign oil and gas manufacturers.

The reality is that oil and gas are necessities for the nation's economic well being. The U.S. Chamber of Commerce strongly opposes this legislation and will consider using how members voted in our annual How They Voted scorecard.

The letter can be viewed at:
http://www.uschamber.com/issues/letters/2008/080226_energy_tax.htm