Senator Bill Nelson (D-Fla.) introduced amendment SA. 4595 to the Small Business Lending Act which would raise taxes on America’s energy companies and result in extensive job loss and reduced economic activity.
Sen. Nelson introduced SA 4595 to remedy the burdensome 1099 reporting requirements imposed on small businesses by the Patient Protection and Affordability Care Act. To fund exemptions for some small businesses, Sen. Nelson’s amendment repeals the Section 199 manufacturing deduction for the nation’s leading oil and natural gas companies. Enacted in 2004 to foster domestic job creation and economic growth, Section 199 allows all American companies to deduct a portion of their income derived from domestic production and manufacturing activities.
Repealing this job creating tax rule for just oil and natural gas producers is an effective tax increase on an industry that indirectly or directly employs over 9 million workers and adds over a trillion dollars to the American economy.
“The last thing our economy needs is a punitive tax upon its energy infrastructure and its nation’s largest employers. The Nelson amendment will only exacerbate our economic woes by hamstringing growth and slowing job creation,” said Grover Norquist, President of Americans for Tax Reform. ...
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