WASHINGTON, DC – The Subcommittee on Energy, chaired by Rep. Fred Upton (R-MI), today announced a hearing for Wednesday, June 20, 2018, at 10:00 a.m. in room 2123 of the Rayburn House Office Building. The hearing is entitled, “The Benefits of Tax Reform on the Energy Sector and Consumers.”
Next week, #SubEnergy will hold a hearing on how tax reform is helping businesses – particularly small businesses – in the energy sector grow their operations and invest in local communities and workers. Since the enactment of the Tax Cuts and Jobs Act, our economy has been reinvigorated and small businesses are reporting unprecedented optimism. In addition, the U.S. Bureau of Labor Statistics recently reported the unemployment rate fell to 3.8 percent – its lowest level in 18 years. Under the new tax code, consumers are benefiting as well with at least 102 utilities across the United States lowering rates for customers.
“Our economy is booming and it’s clear our new tax code is providing real, tangible relief for American families,” said Chairman Upton. “The renewed confidence and lower cost of doing business are resulting in bigger paychecks, more jobs, and more benefits. But these aren’t the only ways that tax reform is helping. Utility companies are passing along their savings from a lowered corporate tax rate to customers. This means lower electric bills, lower gas bills, and lower water bills for American families. I look forward to hearing directly from the business community about the ways that tax reform is helping them expand and invest in their communities.”
The Majority Memorandum, witness list and testimony, and a live webcast will be posted HERE as they’re made available.