WASHINGTON, D.C. – Statement from Chet Thompson, President and CEO of the American Fuel & Petrochemical Manufacturers (AFPM) on H.R.1, the Tax Cuts and Jobs Act, which passed in the U.S. House of Representatives today:
“Today’s House vote for comprehensive tax reform is a welcome and long overdue step to a more competitive US manufacturing sector. This plan modernizes the tax code and eliminates market-distorting credits, including those for electric vehicles, which will stimulate economic growth and create jobs. We applaud the House for moving this plan forward and encourage the Senate to follow course in short order.”
The American Fuel & Petrochemical Manufacturers (“AFPM”) is a national trade association representing nearly all U.S. refining and petrochemical manufacturing capacity. AFPM members produce the fuels that drive the U.S. economy and the chemical building blocks integral to millions of products that make modern life possible.