The National Association of Manufacturers has just sent a “Key Vote” letter to the Senate opposing an amendment by Sen. Bill Nelson (D-FL) to the small business financing bill that fails to fully lift the tax filing burden imposed in the health care law while actually raising taxes on employers, in this case, the oil and gas industry.
From the letter (available here):
The Nelson amendment would impose roughly $8 billion in tax increases on energy producers. Section 199 of the 2004 American Jobs Creation Act is designed to reduce the tax burden on domestic manufacturers and help spur investment and create jobs in the United States.
The Nelson amendment would exclude the income from U.S. oil and natural gas production, refining and processing from the Section 199 tax benefit, thus discouraging new oil and gas investments in the United States by making them less competitive compared to foreign opportunities.
Manufacturers strongly oppose discriminatory tax policies, especially when they single out a particular type of business or industry sector. Additionally, tax increases on the oil and gas industry will ultimately result in increased energy costs for manufacturers. As our nation confronts a host of economic challenges, raising the price of fuel on manufacturers, who use roughly 30 percent of the nation’s energy, will further stifle the ability of the business sector as a whole to expand and create jobs.
The tax filing burden imposed by Section 9006 of the Patient Protection and Affordable Care Act cannot be reformed, and certainly not by higher taxes. It must be repealed.
Key Vote letters are developed by a committee of NAM members and identify votes that may be used to rate a member of Congress’ on manufacturing issues.
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