Oil Industry Slams Nelson Small Business Bill Amendment

By
Monday, September 13, 2010 at 1:41 pm

The American Petroleum Institute, the powerful oil and gas industry trade association, is coming out against an amendment sponsored by Sen. Bill Nelson (D-Fla.) that would exclude much of the industry from a key manufacturing tax deduction.

The language, which has been proposed as an amendment to the small business bill scheduled to come up on the Senate floor this week, is part of a broad effort to repeal subsidies for the oil and gas industry in the wake of the Gulf oil spill. President Obama last week called for repealing oil and gas industry subsidies in order to pay for his broad transportation infrastructure plan.

In a Sept. 10 letter to Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.), API President Jack Gerard said Nelson’s amendment would kill oil and gas industry jobs. According to the letter:

The American Petroleum Institute strongly urges you to oppose the higher-taxes, anti-jobs Nelson amendment to the Small Business Jobs Act (HR 5297) when the Senate takes up that legislation after recess. By repealing the Section 199 tax deduction for certain U.S. oil and natural gas companies, the Nelson amendment would discourage investment in new domestic energy projects by an industry that now supports more than 9.2 million American jobs. That would depress growth in new jobs, reduce oil and natural gas revenues to our government, and increase reliance on foreign sources of energy.

Gerard says an amendment by Sen. Mike Johanns (R-Neb.) is a “vastly better choice” because it does not exclude the industry from taking advantage of the deduction, but instead addresses technical problems with complying with the deduction.

Follow Andrew Restuccia on Twitter


Comments

56 Comments

Oil Industry Slams Nelson Small Business Bill Amendment « The … | Starting Biz
Pingback posted September 13, 2010 @ 2:13 pm

[...] Originally posted here: Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Small Business Finance : Nurturing the Businessman in you With Adequate Cash | businesschannel.info
Pingback posted September 13, 2010 @ 2:18 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Rich Dad Poor Dad (Robert Kiyosaki) How to Make Money Pt.1 | Ways To Make Money Online
Pingback posted September 13, 2010 @ 2:46 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Small Businesses — 1099 Relief Expected to Fail – FOXNews (blog)
Pingback posted September 13, 2010 @ 4:42 pm

[...] bill as early as this weekThe Hill (blog)Breaking Down The Small Business BillThe Business InsiderThe Washington Independent -The Progressive Pulse (blog) -OCRegisterall 36 news [...]


ajm8127
Comment posted September 13, 2010 @ 6:03 pm

How much in profits did the oil companies make last year?


Oil Industry Slams Nelson Small Business Bill Amendment « The … « Fresh Small Business
Pingback posted September 13, 2010 @ 7:34 pm

[...] this article: Oil Industry Slams Nelson Small Business Bill Amendment « The … Comments [...]


Oil Industry Slams Nelson Small Business Bill Amendment « The … | American News
Pingback posted September 13, 2010 @ 7:55 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Could you do without those Plastic Shopping Bags? | Popular bags
Pingback posted September 13, 2010 @ 7:58 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The Washington Independent [...]


Washington Post visits Beaches of South Walton — on BP’s dime EDITOR’S NOTE: This column initially appeared in the … | Popular bags
Pingback posted September 13, 2010 @ 8:37 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The Washington Independent [...]


Business travel descends to a ‘new normal’ North Capitol Street
Pingback posted September 13, 2010 @ 8:38 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Oil Industry Slams Nelson Small Business Bill Amendment « The … | Small Business Shout Out!
Pingback posted September 13, 2010 @ 8:43 pm

[...] Read the original:  Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Tips for Chicken Chili – free tools – Find friends or hook-up tonight | Find Friends or Hook Up Tonight!
Pingback posted September 13, 2010 @ 8:58 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


New Updates from Sokule.com | My Blog
Pingback posted September 13, 2010 @ 10:31 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Small-business owners fear 1099 paperwork ‘burdens’ in health law | Popular bags
Pingback posted September 13, 2010 @ 11:18 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The Washington Independent [...]


What is the best way to make Tea Tree Oil Salve to prevent Acne? | Tea
Pingback posted September 13, 2010 @ 11:55 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The Washington Independent [...]


Kendra's Sex Tape | Starr report
Pingback posted September 14, 2010 @ 1:17 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The Washington Independent [...]


By Sudha Ramachandran | affordable life insurance
Pingback posted September 14, 2010 @ 1:34 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The Washington Independent [...]


Oil Industry Slams Nelson Small Business Bill Amendment North Capitol Street
Pingback posted September 14, 2010 @ 3:51 am

[...] View full post on The Washington Independent [...]


Apple’s iPad: Will the First Real Rivals Show Up?
Pingback posted September 14, 2010 @ 7:10 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


How long do we have before oil gets too expensive in production costs from the diminished reserves/pollution ? « Solar Landscape Lighting
Pingback posted September 14, 2010 @ 8:07 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Breast cancer and dairy????????? | advanced-nutrients
Pingback posted September 14, 2010 @ 9:54 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


A List Of Uncommon Jobs Done By Cleaning Service Professionals | Carpet cleaning Brisbane
Pingback posted September 14, 2010 @ 10:06 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Violations Involving Obscenity
Pingback posted September 14, 2010 @ 11:32 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


This Week in Congress: September 13 – 17, 2010 North Capitol Street
Pingback posted September 14, 2010 @ 1:50 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Fashion Modeling Success | Seoevo .com
Pingback posted September 14, 2010 @ 4:15 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The Washington Independent [...]


World Wide News Flash
Trackback posted September 14, 2010 @ 5:28 pm

Oil Industry Slams Nelson Small Business Bill Amendment « The ……

I found your entry interesting do I’ve added a Trackback to it on my weblog :)…


If our tax dollars had been used to fund solar energy instead of nuclear power, wouldn't we be better off now? « Solar Landscape Lighting
Pingback posted September 14, 2010 @ 8:08 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


A Preview of Small-Business Provisions North Capitol Street
Pingback posted September 15, 2010 @ 2:10 am

[...] away a manufacturing tax deduction from oil and gas companies. (Naturally, oil and gas companies don’t like the [...]


MLM Training Can Make or Break Your Success In MLM Business | Trace Lost Relatives and Friends
Pingback posted September 15, 2010 @ 9:12 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Senate moves forward on small business bill North Capitol Street
Pingback posted September 15, 2010 @ 11:33 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Vacations and Travel Destinations
Trackback posted September 18, 2010 @ 2:56 am

Questions to Ask When Choosing a Vacation Rental Agency…

I found your entry interesting thus I’ve added a Trackback to it on my weblog :)…


Shopster.com eCommerce store setup video | You Travel FREE
Pingback posted September 20, 2010 @ 10:58 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Keais Records Service Advances Its Leadership in Records Retrieval Industry | affordable life insurance
Pingback posted September 22, 2010 @ 8:58 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The Washington Independent [...]


What laws govern healthcare in India? | affordable life insurance
Pingback posted September 23, 2010 @ 5:30 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The Washington Independent [...]


How do I become an insurance adjuster? | affordable life insurance
Pingback posted September 23, 2010 @ 6:13 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The Washington Independent [...]


TRAVELBIZGTTRENDS | You Travel FREE
Pingback posted September 27, 2010 @ 9:10 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Company Cites Lewis And Clark In Wide Loads Case | Tea
Pingback posted October 4, 2010 @ 11:56 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The Washington Independent [...]


Boehner Questioned on Ties to Tobacco Lobbyists | Tea
Pingback posted October 7, 2010 @ 2:29 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The Washington Independent [...]


What are vitamins that I should take daily to help my skin, immune system, health, etc? | advanced-nutrients
Pingback posted October 8, 2010 @ 8:17 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Label genetically modified salmon: fish farmers | advanced-nutrients
Pingback posted October 9, 2010 @ 9:12 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Aurora Algae hungers for food and feed market | advanced-nutrients
Pingback posted October 9, 2010 @ 10:16 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Coradiant Open Application Visibility Architecture Extends Best of Breed Solutions for Web Application Performance … | You Travel FREE
Pingback posted October 13, 2010 @ 8:56 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


How can Joomla Template Design Make a Difference | You Travel FREE
Pingback posted October 16, 2010 @ 1:22 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Best Commerce Colleges Offer Solid Foundation for Future Professionals | You Travel FREE
Pingback posted October 16, 2010 @ 5:32 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Moosejaw Develops New Clothing Line with Help from Loyal Customers | You Travel FREE
Pingback posted October 18, 2010 @ 9:03 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


PayPal Showcases the Future of Money at Its Innovate 2010 Conference | You Travel FREE
Pingback posted October 27, 2010 @ 12:57 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Phishing e-mail scams locations how to find them or any e-mail location | You Travel FREE
Pingback posted October 31, 2010 @ 8:56 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


ECommerce Website Designing,ECommerce web design company,ECommerce website designer | You Travel FREE
Pingback posted October 31, 2010 @ 10:51 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


exercises to lose weight
Trackback posted November 4, 2010 @ 5:37 am

Thank you……

Appreciation. Sunny post! Note down further. It seems like I happen to regular visitor…


Ecommerce Web Solutions at Really Attractive Rates | You Travel FREE
Pingback posted November 5, 2010 @ 7:14 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Lastest E Commerce Solutions Open Source News | You Travel FREE
Pingback posted November 6, 2010 @ 5:03 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


http://flairconcepts.com | You Travel FREE
Pingback posted November 8, 2010 @ 8:00 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


Lastest Best Ecommerce Cart News | You Travel FREE
Pingback posted November 9, 2010 @ 6:16 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


theFashionSpot & ShopNation Announce Partnership to Launch New Shopping Storefront | You Travel FREE
Pingback posted November 12, 2010 @ 10:07 pm

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


UK Free Hosting Ecommerce Web Sites For Sale 120 Dollars Per Year Free Hosting | You Travel FREE
Pingback posted November 22, 2010 @ 1:59 am

[...] Oil Industry Slams Nelson Small Business Bill Amendment « The … [...]


RSS feed for comments on this post.

Sorry, the comment form is closed at this time.