API voices support for parts of Congress' Task Force on Tax Reform plan

Following the recent release of the Task Force on Tax Reform’s legislative blueprint in the U.S. House, the American Petroleum Institute (API) showed its support for measures in the plan that would allow for economic growth.

“The industry remains focused on a tax code that can support growth in the economy, and it’s clear that many of the ideas discussed in the tax-reform blueprint share this goal,” Stephen Comstock, API director of tax and accounting policy, said. “There are a number of concepts in the proposal, such as immediate expensing and lowering the corporate tax rate, that reflect pro-growth, non-discriminatory policies that are necessary to encourage U.S. capital investment.”

The plan was released jointly by Speaker of the House Paul Ryan (R-WI) and Rep. Kevin Brady (R-TX), chairman of the House Ways and Means Committee.

 

“The blueprint offers a number of new tax approaches, such as non-deductibility of interest, that we want to study further and understand in the context of the entire package,” Comstock said. “We look forward to the opportunity to engage on all of the ideas in the proposal and to pursue options that create jobs and opportunities in the U.S.”