Hoeven Outlines Benefits of Tax & Regulatory Relief, Efforts to Advance Infrastructure Development
Senator Introduces Transportation Secretary Elaine Chao at Bismarck Forum
BISMARCK, N.D. – Senator John Hoeven today outlined his efforts to support strong economic growth through regulatory relief, tax relief and infrastructure development. Hoeven delivered the remarks at an educational forum hosted by the American Conservative Union in Bismarck. Prior to his speech, Hoeven introduced Transportation Secretary Elaine Chao, who delivered a keynote address for the event.
“A strong and growing economy ensures a higher quality of life for our citizens and greater government revenues over the long-term to address our debt and deficit and invest in our nation’s priorities,” Hoeven said. “Tax and regulatory relief deliver real benefits to workers and their families, both by lowering their tax burden, but also in boosting demand for labor, which will result in higher wages. Further, this relief has helped us surpass 4 percent annualized growth in the second quarter of this year, a tremendous achievement that our efforts will help continue. Through legislation like my Move America Act and similar measures, we can further boost this growth and make sure our nation has the roads, bridges, transmission lines and other infrastructure we need to meet the demands of an expanding economy. ”
The tax relief package that Hoeven helped pass makes the American tax system more competitive and lays the groundwork for a stronger economy, increased wages and job creation by:
- Lowering rates across-the-board for hard-working Americans and families.
- Providing significant relief for small businesses, farmers and ranchers, empowering them to grow their operations, hire more workers and increase demand for labor.
- Allowing businesses to fully expense new investments for the next five years.
- Continuing tax deductions for home mortgage interest and property taxes and maintaining interest deductibility and the property tax deduction for small businesses.
Hoeven is committed to providing regulatory relief that, when combined with tax relief, will empower economic growth and generate greater government revenues. Through his role on the Senate Energy and Natural Resources Committee and the Appropriations Committee, the senator has helped repeal burdensome regulations throughout this session of Congress. His efforts have included:
- Stopping the Waters of the U.S. Rule – Hoeven worked through the Appropriations Committee to defund the regulation in 2016 and 2017. Last year, the EPA and the U.S. Army Corps of Engineers issued a proposal to roll back the rule and restore the regulations that were in place prior to WOTUS.
- Repealing Burdensome Energy Regulations – Hoeven has joined Congress and the administration in rolling back regulations that hamper domestic energy production, including:
- The EPA’s costly rules for coal-generating power plants.
- The Bureau of Land Management’s (BLM) hydraulic fracturing rule.
- The moratorium on federal coal leasing.
- The Stream Buffer Rule.
- Cosponsoring and voting for a resolution to repeal the BLM methane rule.
- Preventing Permit Delays for Oil & Gas Wells – Hoeven’s BLM Mineral Spacing Act would direct the BLM to establish a pilot program to waive the requirement for a federal permit when less than 50 percent of subsurface minerals are owned or held in trust by the federal government and there is no federal surface land.
- Reforming Electronic Logging Device (ELD) and Hours of Service (HOS) Rules – Hoeven has introduced bipartisan legislation, the Modernizing Agricultural Transportation Act, to delay the enforcement of the ELD regulation until the Transportation Secretary formally proposes reforms to these rules, based on the input of a working group from the agriculture and transportation industry.
- In addition, Hoeven successfully pressed for the inclusion a one-year delay the ELD rule in recently-passed funding legislation, similar to a previous delay the senator secured in Fiscal Year 2018. Hoeven also worked to provide waivers from the ELD rule for agriculture transportation.
- Advancing the Use of Public-Private Partnerships (P3) – Hoeven reintroduced his Move America Act earlier this year, which would provide tax credits and tax-exempt bonds to help fund P3s to grow and repair the country’s infrastructure. Qualified projects include roads, bridges, transit, ports, rail, airports, water and sewer facilities and broadband.
- The senator is advocating the use of P3s, which provide greater flexibility to local governments, to help address the nation’s backlog of infrastructure projects, including those under the Army Corps.
- Streamlining Approval of Cross-Border Infrastructure – Hoeven recently reintroduced his North American Energy Infrastructure Act, which would prevent unnecessary delays for important energy infrastructure projects, like pipelines and electrical transmission lines, that cross the national boundaries between the U.S. and Canada or Mexico.
- Reauthorizing the Water Infrastructure Finance and Innovation Act (WIFIA) – Hoeven introduced bipartisan legislation to stimulate investment in water infrastructure by providing low-cost loans and loan guarantees. The bill would make these loans available through Fiscal Year 2024 under the EPA and the Army Corps. It would also consolidate the administration of the program, allowing the Corps to move forward on identifying eligible projects.
- The Senate recently passed legislation that builds on Hoeven’s bill by providing $1 million to support WIFIA implementation.
Hoeven’s efforts dovetail with an executive order issued by the president last year to streamline the review and permitting process for major infrastructure projects. Specifically, the order implemented a single, streamlined policy for federal decisions, with all relevant agencies working under a lead agency and signing a joint Record of Decision. The order also set a two-year goal to process all environmental documents for all major infrastructure projects.
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