Let me just go through these. My understanding is that section 199 of the Domestic production incentive provides a tax rate reduction on refinery income. And That subsidy is, according to the CBO, expected to cost taxpayers about 14.8 billion over 10 years for the oil and gas industry. Would your association support repeal of that tax subsidy as it applies to energy companies? Absolutely not, sir. And let me tell you, if you recall the genesis of that the Section 199 credit. (01:11–01:23)
CLAIM
Asserts that the Section 199 subsidy will cost taxpayers $14.8 billion over 10 years.
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