U.S. Senator Kevin Cramer (R-ND), a Senate Environment and Public Works (EPW) Committee member, joined Senator John Cornyn (R-TX) in introducing S. 4041, the Save American Vital Energy (SAVE) Jobs Act, a bill to provide relief for America’s energy industry.
“By providing administrative clarity and regulatory relief, the SAVE Jobs Act would help protect energy businesses and workers who are vital to our national and economic security but have been significantly hamstrung by the shutdowns caused by COVID-19,” said Sen. Cramer. “The bill would also extend the 45Q carbon capture tax credit, ensuring current and future carbon capture projects can keep moving forward. We should include this legislation if we take up an additional relief package.”
The SAVE Jobs Act contains tax provisions to help energy producers and refiners in North Dakota stay competitive and keep their workers on the job following the market challenges posed by the oil price war with Saudi Arabia and Russia and COVID-19. It also includes a one-year extension for the 45Q carbon capture tax credit’s commence construction window.
Energy leaders in North Dakota offered their support for the legislation.
“As the Lignite Energy Council works to level the playing field between generation sources, this bill will be an important step in assuring that coal-based generation is compensated for capturing carbon dioxide at new and existing power plants,” said Jason Bohrer, President and CEO of the Lignite Energy Council.
“The United States economy runs on reliable, affordable energy and 45Q is important to future of the coal-based electricity.”
“The North Dakota Petroleum Council is supportive of the SAVE Jobs Act and we appreciate Senator Cramer’s work to assist our industry members in North Dakota,” said Ron Ness, President of the North Dakota Petroleum Council.
“This bill will provide important assistance pertaining to lease extensions and royalty relief and we thank Senator Cramer for his efforts to ensure we come out strong as our economy opens up and we get back on a path to growth.”
“IPAA supports the SAVE Jobs Act and appreciates Senator Cramer’s support of independent producers in North Dakota,” said Dan Naatz, Senior Vice President of Government Relations for the Independent Petroleum Association of America. “This bill, which is directly linked to relief due to the COVID-19 pandemic, will help IPAA Member companies with business planning during these challenging times, making it possible to obtain lease extensions and access for royalty relief, enabling companies to weather the storm. IPAA thanks Senator Cramer for his leadership in ensuring a strong oil and gas industry emerges from this dark time.”
The Treasury Department issued a notice of proposed rulemaking for the 45Q carbon capture tax credit in May. Senator Cramer has worked closely with the Administration on advancing these tax credits from his seats on the Senate Banking and EPW committees. He expressed his support, along with North Dakota energy producers, during a Senate Budget Committee hearing on the nomination of Russ Vought to be the Office of Management and Budget (OMB) Director.
Comments