The NAM today sent a letter to the House of Representatives, notifying members that the Comprehensive American Energy Security and Consumer Protection Act will be considered as a “Key Vote,” i.e., a vote that the National Association of Manufacturers uses to assess members’ voting record on manufacturing issues. The NAM opposes the bill.
We are encouraged that the House of Representatives has taken steps to craft an energy bill that will result in measurable energy efficiency gains and renewable energy incentives. We also recognize the important attempt to expand domestic energy development in the Outer Continental Shelf (OCS). While we support an increase in domestic energy supplies, we have serious concerns that without any state revenue sharing mechanisms it is highly unlikely that states will “opt-in” to leases and the result will be no new access.
Moreover, the NAM strongly opposes provisions in the bill that would:
* Increase taxes on energy producers, including ending the Sec. 199 deduction for certain producers and limiting it for others and restricting the use of foreign tax credits. This will directly add to the costs to energy production, discourage new domestic oil and natural gas production and make domestic energy investments less competitive economically with foreign opportunities;
* Create a mandatory 15 percent federal renewable portfolio standard. This provision will directly add to the cost of electricity for manufacturers and consumers by mandating a renewable standard in regions of the country that do not have adequate resources to comply. In effect, it would translate into a new tax on electricity, passed on to U.S. manufacturers and consumers.
While the NAM cannot support this legislation and urges its defeat, we are prepared to continue to work with Congress to advance energy legislation that lowers costs for manufacturers and promotes energy security.
The Key Vote letter was signed by Jay Timmons, NAM’s Executive Vice President.
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