H.R. 383 · 119th Congress
End Oil and Gas Tax Subsidies Act of 2025
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CastenSponsor16 cosponsors · 16 D
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Brownley
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Beyer
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Cleaver
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Cohen
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Huffman
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Khanna
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Levin
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Moore
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Pingree
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Schakowsky
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Tonko
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Norton
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Raskin
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Nadler
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Ansari
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Lofgren11 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill repeals or limits tax deductions and credits related to oil and gas production; increases the amortization period of geological and geophysical expenses; prohibits the use of the last-in, first-out (LIFO) accounting method by certain oil companies; and expands the definition of crude oil for certain purposes.
What it does: CRS summary · Introduced in House · Jan 14, 2025
End Oil and Gas Tax Subsidies Act of 2025
This bill repeals or limits tax deductions and credits related to oil and gas production; increases the amortization period of geological and geophysical expenses; prohibits the use of the last-in, first-out (LIFO) accounting method by certain oil companies; and expands the definition of crude oil for certain purposes.
The bill repeals the
- tax credits for producing oil and gas from marginal wells and enhanced oil recovery,
- tax deduction for intangible drilling and development costs for oil and gas wells,
- percentage depletion,
- tax deduction for tertiary injectant expenses, and
- exception to the passive loss limitations for working interests in oil and gas property.
The bill increases the amortization period for geological and geophysical expenses from two years to seven years and prohibits major integrated oil companies from using the LIFO accounting method.
The bill excludes from the qualified business income tax deduction items related to oil and gas production, refining, processing, transporting, and distribution.
The bill provides statutory authority for Internal Revenue Service regulations that exclude from the definition of a tax for purposes of the foreign tax credit levies imposed by foreign countries or U.S. possessions on persons that receive a specific economic benefit from the country or possession.
Finally, the bill defines crude oil for purposes of the excise tax on imported petroleum and crude oil to include bitumen or bituminous mixtures or oil derived from such mixtures (including tar sands) and oil derived from kerogen-bearing sources (including 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 2025
Latest action (Jan 14, 2025): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jan 14, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.