I only have a few minutes, so I just want to go down some of these because what I understand you're saying is that you think there's a reason. There's a very valid reason for that. So you oppose repeal. The tax code includes a bonus depreciation provision for oil refineries, allowing 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. (02:11–02:25)
CLAIM
Asserts that the tax code allows oil refineries to write off 50% of certain expansion costs.
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