H.R. 1743 · 118th Congress
People Over Petroleum Act
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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
CastenSponsor3 cosponsors · 3 D
3 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 and establishes a gas prices rebate for individual taxpayers.
What it does: CRS summary · Introduced in House · Mar 23, 2023
People Over Petroleum Act
This bill limits or repeals certain fossil fuel oil and gas subsidies for oil companies and establishes a gas prices rebate for individual taxpayers.
Among other elements, the bill
- repeals the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery;
- repeals various tax deductions, including the deduction for the intangible drilling and development costs of oil and gas wells;
- 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).
The bill also allows individual taxpayers a 2022 gas prices rebate for the first taxable year beginning in 2022. The bill defines 2022 gas prices rebate amount as the sum of $500 ($1,000 for joint returns), plus $500 times the number of taxpayer dependents who had attained the age of 16 as of the end of the taxable year.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: People Over Petroleum Act
Latest action (Mar 23, 2023): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Mar 23, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.