COMPREHENSIVE TAX REFORM PROPOSAL INTRODUCED IN THE HOUSE
Recognizing that the tax code is far too complex and inefficient and that we need fundamental tax reform, on Wednesday, Rep. Dave Camp (R-MI), Chairman of the powerful House Ways and Means Committee (the Committee responsible for tax legislation), unveiled a comprehensive discussion draft of a tax reform proposal. It is a far-reaching plan that seeks to simplify the tax code by eliminating or capping many tax breaks. It also aims to boost the economy by increasing the incentives to work and invest. Specific to the NGV industry, the proposal eliminates the alternative fuel tax and infrastructure credits for NGVs. The proposal does not address LNG tax penalty for which have been advocating. The proposal is a starting point for bipartisan collaboration on a comprehensive tax reform plan that helps to grow the economy and fix the debt. However, that will not be easy in the current political climate, and many policymakers do not want to make the difficult tradeoffs necessary in an election year. For more information on the proposal, visit the House Ways and Means Committees’ website.