S. 2996 · 114th Congress
FAIR Energy Policy Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
SchatzSponsor6 cosponsors · 6 D
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Fossil Aid is Inefficient and Regressive Energy Policy Act or the FAIR Energy Policy Act
What it does: CRS summary · Introduced in Senate · May 26, 2016
Fossil Aid is Inefficient and Regressive Energy Policy Act or the FAIR Energy Policy Act
This bill amends the Internal Revenue Code to phase out certain tax provisions that apply to fossil fuels. The bill establishes a schedule for decreasing the benefits of the provisions for major integrated oil companies by specified percentages that reach 100% after December 31, 2019. The affected provisions include:
- the deduction for intangible drilling costs,
- the deduction for the percentage of depletion of oil and natural gas wells,
- the deduction for oil related qualified production activities income,
- the deduction for the amortization of geological and geophysical expenditures,
- the deduction for the percentage of depletion of oil shale,
- the deduction for exploration and development costs for oil shale,
- the capital gains treatment for royalties of coal,
- the deduction for tertiary injectants,
- the exception to the passive loss limitation for working interests in oil and natural gas properties, and
- the marginal wells tax credit.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: FAIR Energy Policy Act
Also known as: Fossil Aid is Inefficient and Regressive Energy Policy Act
Latest action (May 26, 2016): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: May 26, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.