U.S. Refiners to Benefit Most From Tax Code Rewrite
While there appear to be a number of winners within the domestic energy sector, U.S. refiners look to be to be the standout gainers from the most sweeping rewrite of the U.S. tax code in 30 years, and they may launch a capital-spending spree in 2018.
The long-running debate over tax reform finally came to an end December 20 as the U.S. House and Senate voted along party lines to pass the largest overhaul of the nation's tax bill in 30 years. The Republican tax reform, which President Donald Trump signed into law two days later, lowers the corporate income tax rate from 35% to 21%, rewards investment in new projects, and is widely seen as benefitting the oil and gas industry--refining companies in particular. Industrial Info is tracking $10 billion in project kickoff activity involving refiners in 2018.
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