American Petroleum Institute applauds efforts to reform tax code

American Petroleum Institute (API) president and CEO Jack Gerard recently released a statement in support of a recent proposed legislation pertaining to tax code reforms, praising the House Ways and Means Committee and its leadership efforts.

“Today the House Ways and Means Committee took a bold step to modernize the nation’s tax code to sustain U.S. economic growth, spur strong energy investment and create American jobs, and we commend Chairman (Kevin) Brady (R-TX) for his tremendous leadership on this issue,” Gerard said in a release.

Noting that the most recent previous change dates back to 1986, Gerard spoke highly of the latest proposals such as lowering the corporate tax rate, for example, designed to ensure equity and growth for industry, consumers and the economy. He applauded the work-intensive process while reiterating the oil and natural gas sector’s willingness to comply with modifications.

“As this process continues and API and its members review in greater detail the 429-page bill, the oil and natural gas industry stands ready to work with Congress and the administration to enact strong, pro-growth tax legislation to ensure that our industry remains a major driver of economic growth, investing billions each year in the U.S. economy and supporting over 10 million U.S. jobs,” Gerard said in the release.

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American Petroleum Institute

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