Guest opinion: Reverse Biden-era tax penalty on Americaâs energy producers
by Sen. Derrin Owens
I have proudly served in the Utah State Legislature for ten years, and one of my greatest priorities has always been encouraging job creation in our state through common sense policies. The energy sector generates abundant opportunity in Utah, which is why we have worked hard to incentivize energy production, reform permitting, and unleash investment in the Beehive State. Unfortunately, a Biden-era tax policy is hampering progress on this critical front. The Promoting Domestic Energy Production Act would change that, helping bring good paying jobs to our state while decreasing Americaâs reliance on foreign energy.
While there are lots of ways federal tax policy could be improved to better incentivize energy investment, one area stands out. Americaâs independent oil and gas producers are currently subject to punitive tax treatment. Despite producing the majority of Americaâs oil and gas output, our current tax code is making it harder for these producers to invest in jobs and unlock energy production...
Right now, our Senate delegation in Washington has an opportunity to bring good-paying jobs to our state while decreasing our nationâs reliance on foreign energy. The Promoting Domestic Energy Production Act (S. 224) is an essential part of the solution, and Iâm proud that our own Senator Mike Lee (R-UT) is co-sponsoring this bill. I urge our senators to fix this punitive tax policy against Utah and Americaâs energy producers in the Senateâs reconciliation package. By doing so, they can form a united front fighting for jobs, domestic oil and gas creation, and American energy security. (Read More)
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