NPRA Applauds Temp Treasury Rule for Refinery Expansion Tax Credits
Tuesday, July 8, 2008
NPRA, the National Petrochemical & Refiners Association, on Tuesday applauded the U.S. Treasury Department for issuing temporary regulations and a notice of proposed rulemaking for tax credits, provided by the Energy Policy Act of 2005 (EPACT 2005), intended to encourage the expansion of domestic refineries. NPRA also expressed its gratitude for Senator Kay Bailey Hutchison's (R-Texas) leadership in ensuring the Treasury Department complies with the law in a timely fashion.
"Domestic refiners will finally have the certainty that they will receive the credits for expansion projects provided three years ago by the Energy Policy Act," NPRA President Charles T. Drevna said. "We credit Senator Hutchison for her leadership and are grateful for her diligence since EPACT 2005's passage to force the Treasury Department to comply with the law and establish rules for implementing the credits.
"It's important to note that domestic refiners, over the last 15 years, have, on the aggregate through expansion projects at existing facilities, built the equivalent of one new large-scale refinery each of those years. The credits provided by EPACT 2005 will help ensure, in the face of record oil prices and declining margins, that refiners can continue that trend, if not exceed it, to help meet increasing demand for clean, safe and reliable fuels."
NPRA members include more than 450 companies, including virtually all US refiners and petrochemical manufacturers.
Source: National Petrochemical & Refiners Association
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