Sen. Scott Fights to Lower Energy Costs for American Families
WASHINGTON — U.S. Senator Tim Scott (R-S.C.) joined Senators James Lankford (R-Okla.), John Barrasso (R-Wyo.) and Steve Daines (R-Mont.) in introducing the Promoting Domestic Energy Production Act, which would allow companies to consider intangible drilling costs (IDCs) when calculating taxable income. This change would lower energy production costs, creating savings for American families.
“The far-left’s climate agenda has crippled our nation’s energy production and crushed job creation and opportunity,” said Senator Scott. “Now, President Biden’s Inflation Acceleration Act has worsened the burden of high energy costs on hardworking American families, small businesses and the economy as a whole. I’m fighting to reverse the administration’s war on domestic energy production and restore American energy dominance.”
“If you own a restaurant, a repair shop or a hardware store, you can deduct your normal business expenses,” said Senator Lankford. “But the Democrats’ so-called Inflation Reduction Act attacked oil and gas companies by taking away their ability to deduct normal business expenses. The result of that tax increase has been higher energy costs for Americans, which was clearly the plan of the Biden Administration. The Biden Administration celebrates higher energy costs as they push their progressive climate-change agenda. Higher energy prices hurt every family and drive up prices for everything we buy. This bill will restore basic tax fairness to energy businesses, encourage stable energy production and lower energy prices for everyone.”
Read the full text of the legislation here.