Investment in energy production driving economic growth in Midwest and Great Plains states. So why would lawmakers consider dimming this one this one bright spot in the economy by targeting and eliminating many of the tax code provisions that have facilitated investment and jobs? Accelerated depreciation, deductions for interest expense, LIFO for inventory accounting should not be a trade off for corporate income tax rate cuts.
America’s energy seen adding 3.6 million jobs, 3 percent GDP
Daily Herald – August 19, 2012
On the eastern bank of the Mississippi River, about an hour upstream from New Orleans, the outline of Nucor Corp.’s new $750 million iron-processing plant is rising between fields of sugar cane and sweet gum trees.
Surveying the facility from the road, Michael Eades, president of Ascension Economic Development Corp., says it’s part of a wave of investment lured by low natural gas prices to this stretch of Louisiana’s industrial riverfront. Companies such as Westlake Chemical Corp., Potash Corp. of Saskatchewan Inc. and Methanex Corp. have projects in the works. Ormet Corp. reopened an alumina refinery last year, bringing back 250 jobs.
“We’re just seeing an incredible amount of activity,” said Eades, who tallied $1.1 billion in new projects last year in Ascension Parish alone, where his private, nonprofit group promotes development. He expects twice that this year…
