Peter Welch: “That's a benefit that the CBO estimates will cost taxpayers…”

“The tax code, as you know, includes a bonus depreciation provision for oil refineries, and it allows refiners to immediately write off 50% of the capital cost of certain refinery expansions. That's a benefit that the CBO estimates will cost taxpayers 3.4 billion over the next five years. Would your association support repeal of that energy tax subsidy? No, sir. And if you in the history of that was the EPACT05 and the negotiations in this very room on the best path forward to continue to provide domestic.” (02:24–02:31)

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