Feb 2, 2024 Natural Gas Council Letter to Senate Leaders Supporting H.R. 7024, the Tax Relief for American Families and Workers Act
Dear Majority Leader Schumer and Leader McConnell,
The Natural Gas Council, on behalf of the individuals and companies who produce, transport, and deliver natural gas across the nation, urges Congress to enact H.R. 7024, the Tax Relief for American Families and Workers Act, which would extend the benefits of 100-percent bonus depreciation, enhanced interest deductibility, and immediate expensing of domestic research and development (R&D) expenses.
As a capital-intensive industry with extended project lead times, the natural gas sector benefits from provisions that allow immediate expensing or bonus depreciation. The ability to completely deduct the cost of making acquisitions of all new and used equipment reduces the average cost of capital across all business investments. By substantially lowering the cost of capital for depreciable investments for equipment to maintain, operate, and deploy our critical infrastructure systems, immediate expensing further spurs activities that might otherwise be delayed to later years. …
