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12 07, 2011 by Shreveport Times
As owners and managers of propane businesses in Louisiana, we have come to know what the oil and gas industry means to this state. We have many communities across the state that rely heavily on this industry for the well being of families. We support the tax incentives that allow domestic companies to keep oil and gas prices lower for consumers and relieve our dependence from foreign companies.
The dual capacity rules grant American companies tax credits for generating income in foreign countries and enables them to use taxes they've already paid abroad to offset additional domestic taxation on that same foreign income. By eliminating dual capacity, it would double-tax our domestic oil and gas producers—putting them at a competitive disadvantage with foreign operators.
Being part of the propane industry, we are facing a similar situation with the Propane GAS Act. This act would extend the federal alternative fuel tax credits for propane used as a motor fuel (also known as "autogas"), propane autogas vehicles, and propane autogas refueling equipment for five years. These tax incentives were created to stimulate a propane vehicle market in order to reduce U.S. reliance on foreign oil and environmental impacts associated with gasoline and diesel fuel use. To date, these tax credits have been extended year-to-year, creating market uncertainty which undermines the effectiveness of the incentives and discourages the kind of investment that Congress wants the private sector to make in clean domestic transportation fuel.
If we want to gain independence from foreign companies, we need to progress forward in the oil and gas industries as a nation. If we don't, we'll only be working backwards and hurt our domestic companies further.
- Jessica Bennett
president of LPGA, Lake Charles
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