WASHINGTON, April 26, 2017 /PRNewswire-USNewswire/ -- Edison Electric Institute President Tom Kuhn today issued the following statement on President Trump's proposed tax plan.
"President Trump's support for comprehensive tax reform is positive for EEI's member companies and our economy. EEI's members strongly support tax reform because we believe that a simpler tax code, broader tax base, and lower tax rates will grow the economy and increase the competitiveness of the United States, support job creation in America, and benefit our customers.
"Our industry is the nation's most capital-intensive industry, and EEI's members invest more than $100 billion each year to build smarter energy infrastructure and to transition to an even cleaner generation fleet. As tax reform proposals advance, it is important that interest deductibility for electric companies be maintained to avoid barriers to investment and to keep energy bills as affordable as possible for customers. The loss of interest deductibility will increase the cost of capital, which is reflected in electric rates paid by our customers.
"In addition to preserving interest deductibility, we also support keeping state and local tax deductions; continuing normalization and addressing excess deferred taxes; and keeping tax rates on dividends and capital gains low and on par. EEI looks forward to working with Congress and the Administration to find tax reform solutions that will benefit customers and encourage much-needed investment in critical energy infrastructure by helping to keep the cost of capital as low as possible."
EEI is the association that represents all U.S. investor-owned electric companies. Our members provide electricity for 220 million Americans, and operate in all 50 states and the District of Columbia. As a whole, the electric power industry supports more than 7 million jobs in communities across the United States. In addition to our U.S. members, EEI has more than 60 international electric companies as International Members, and hundreds of industry suppliers and related organizations as Associate Members.
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SOURCE Edison Electric Institute