H.R. 1483 · 118th Congress
End Oil and Gas Tax Subsidies Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BlumenauerSponsor17 cosponsors · 17 D
D
Casten
KP
D
Porter
JB
D
Brownley
EC
D
Cleaver
DE
D
Evans
JH
D
Huffman
RK
D
Khanna
GM
D
Moore
CP
D
Pingree
JS
D
Sarbanes
PT
D
Tonko
JS
D
Schakowsky
BS
D
Sherman
JR
D
Raskin
SC
D
Cohen
ML
D
Levin
DB
D
Beyer2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill limits or repeals certain fossil fuel oil and gas subsidies for oil companies. Specifically, it
What it does: CRS summary · Introduced in House · Mar 9, 2023
End Oil and Gas Tax Subsidies Act of 2023
This bill limits or repeals certain fossil fuel oil and gas subsidies for oil companies. Specifically, it
- increases to seven years the amortization period for geological and geophysical expenditures;
- repeals the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery;
- repeals the tax deduction for the intangible drilling and development costs of oil and gas wells;
- repeals percentage depletion;
- repeals the tax deduction for tertiary injectant expenses;
- repeals the passive loss exception for working interests in oil and gas property;
- denies the tax deduction for income attributable to domestic production activities for oil and gas activities;
- prohibits the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies;
- limits the foreign tax credit for dual capacity taxpayers (i.e., taxpayers who are subject to a levy of a foreign country or U.S. possession and receive specific economic benefits from such country or possession); and
- expands the definition of crude oil for purposes of the excise tax on petroleum and petroleum products to include any oil derived from a bitumen or bituminous mixture (tar sands), and any oil derived from kerogen-bearing sources (oil shale).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: End Oil and Gas Tax Subsidies Act of 2023
Latest action (Mar 9, 2023): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Mar 9, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.