TodayLouisiana Congressman Bill Cassidy M.D., filed legislation that would change Section 613(a) of the Internal Revenue Code to remove the $5 million retail sales limitation on independent producers of natural gas. This bipartisan bill would encourage independent producers, as defined by the IRS, to expand natural gas vehicle infrastructure -- lessening America's dependence on foreign oil. All seven members of Louisiana's House Congressional delegation are co-sponsoring Cassidy's legislation.
Regarding his bill, Cassidy issued the following remarks:
"Using oil and gas produced in the United States for transportation creates well paying jobs, improves our balance of trade, increases federal revenue and promotes our energy security. Louisiana, in particular, is a leader in natural gas technology, and will play a critical role in advancing America's role as an energy producer.
"By changing a minor IRS regulation, America can encourage independent producers to invest in natural gas vehicle infrastructure, thereby promoting natural gas vehicles and lowering costs for drivers. Natural gas costs the equivalent of $2 a gallon. As American families pay $4 a gallon for gasoline, natural gas should be in the discussion. This bill is part of the solution to our long term energy needs and is a solution that creates well paying jobs for Americans."