May 11, 2023
Barrasso Introduces Bill to Repeal Book Minimum Tax
WASHINGTON, D.C. – Today, U.S. Senator John Barrasso (R-Wyo.) reintroduced legislation (S. 1559) to repeal the largest tax hike from the Democrats’ reckless tax and spending bill.
The reckless tax and spend bill’s book minimum tax is an arcane tax on U.S. job creators investing in America. The tax claws back longstanding provisions to help promote economic growth and investment, while creating loopholes for special interest groups.
The Book Minimum Tax Repeal Act will unwind this harmful provision and stop unelected bureaucrats from manipulating tax policy to benefit their favorite industries.
“Companies in the United States need to be focused on creating more American jobs and unleashing American energy. Reckless and complicated taxes like this undermine our supply chain, threaten our energy security, and send jobs and investment overseas,” said Senator Barrasso. “Businesses looking to build our economy and invest in Wyoming don’t need more punishing taxes. They especially don’t need unelected bureaucrats to have more control of U.S. tax policy. We need to repeal this once-failed tax once and for all.”
Cosponsors of this legislation include U.S. Senators Mike Crapo (R-Idaho), Cynthia Lummis (R-Wyo.), James Lankford (R-Okla.), Todd Young (R-Ind.), Bill Cassidy (R-La.), Steve Daines (R-Mont.), Marsha Blackburn (R-Tenn.), Jim Risch (R-Idaho), and Mike Braun (R-Ind.).
This bill is supported by the National Association of Manufacturers, the National Mining Association, the American Institute of CPAs, the Independent Petroleum Association of America, the Western Energy Alliance, the U.S. Chamber of Commerce, and the American Petroleum Institute.
“The Book Minimum Tax Repeal Act will help ensure that the next manufacturing dollar is spent in America and enable the growth of family-supporting manufacturing jobs. We thank Senator Barrasso for his support of the manufacturing sector and urge Congress to pass this important legislation.” - Chris Netram, Managing Vice President, Tax & Domestic Economic Policy, National Association of Manufacturers
“Senator Barrasso continues to show that he understands the challenges facing Americans and the American economy with commonsense legislation that recognizes the economic rollercoaster this country has been on over the last few years. With energy inflation recently touching levels not seen in four decades - instead of raising taxes and adding to the financial burden of job creators – we need to focus on reshoring our supply chains, ramping up production of American energy and materials, and strengthening our economy through solid job creation in foundational industries.” - Rich Nolan, President and CEO, National Mining Association
“The AICPA continues to oppose the corporate AMT, which increases tax code complexity and risks interfering with accounting rule making and financial reporting. We are grateful to Senator Barrasso for his leadership on this issue.” - Barry Melancon, CPA, CGMA, President and CEO, American Institute of CPAs
“Raising taxes on energy means raising costs for working families. IPAA applauds Senator Barrasso’s efforts to keep energy reliable and affordable for all Americans.” - Jeff Eshelman, President and CEO, IPAA
“The book minimum tax was specifically designed to target the oil and natural gas industry even though America needs more domestically produced energy to keep prices affordable for consumers, not less. Congress significantly increased costs on American energy producers in the inaptly named Inflation Reduction Act, thereby ensuring energy inflation continues well into the future. Senator Barrasso’s bill to reverse the book minimum tax would correct bad policy designed to harm producers of the energy that meets over 70% of Americans’ needs. All forms of energy are necessary to ensure our society functions properly, but IRA was ill-conceived to disadvantage the very sources of energy that supply the vast majority of American energy while favoring intermittent sources that provide a small fraction. We urge Congress to pass the Book Minimum Tax Repeal Act.” - Kathleen Sgamma, President of Western Energy Alliance
Full text of the legislation can be found here.