The Council hosted a virtual roundtable April 7 with Rep. Kevin Brady (R-TX-8), led by Advisory Board Member and Government Affairs Committee Chair, Todd Ennenga, Halliburton, and SVP Government Affairs & Counsel Tim Tarpley.
Brady highlighted the Council’s Member Companies position as leaders in advancing the innovative technologies for a cleaner, more sustainable energy future.
“Nationwide, the industry doing the most research and development into technologies that capture carbon and reduce greenhouse gas emissions is the energy industry. I expect those innovations and technologies to derive from your industry.”Rep. Kevin Brady
At a time when the energy industry has been singled out for new restrictions, Brady highlighted the need to reduce tax burdens to support new industry research and development. As the lead Republican on the House Ways and Means committee, Brady and Republican colleagues introduced legislation to double, and make permanent, the research and development tax credit.
New Legislation on OCS Leasing
Brady highlighted a bipartisan initiative he’s leading with Rep. Henry Cuellar (D-TX-28) that would unleash industry’s potential in Outer Continental Shelf (OCS) leasing. The “More Energy More Jobs Act of 2021” allows the governor of a coastal state to nominate for leasing any OCS areas adjacent to their state waters and requires at least two area-wide lease sales annually in the Western and Central Gulf of Mexico. This legislation aims to provide opportunity and stability for industry in offshore drilling administration to administration.
Brady also addressed widespread concern of federal regulatory overreach affecting Council Member Companies. He said the 28% corporate tax rate proposed in President Biden’s infrastructure package would stifle any advantage U.S. companies have over foreign competitors.
Council members expressed concerns with the pause in trade negotiations with China. Brady recognized the pressing need to restart negotiations, and said he’s pushing the Biden Administration to prioritize these talks. With the threat of tariffs on valuable steel and aluminum materials, Brady assured the Council he would fight to extend the exclusion on these imports.
Brady announced Wednesday that he plans to retire at the end of his term in 2022. This is the 13th term for the 66-year-old lawmaker, who was a lead architect of the 2017 tax cuts.
If you are interested in the Council’s advocacy efforts or would like to join the Government Affairs Committee, contact SVP Government Affairs & Counsel Tim Tarpley.