Referred to the House Committee on Ways and Means.
The bill repeals or restricts multiple Internal Revenue Code provisions that provide tax advantages to oil and gas companies. Key changes include eliminating credits (marginal wells, enhanced oil recovery), ending percentage depletion and certain deductions (intangible drilling costs, tertiary injectants), removing QBI for fossil activities, banning LIFO for major integrated oil companies, tightening foreign tax credit rules for dual-capacity payments, and clarifying tar sands as crude oil for excise tax.
Progressives emphasize climate and subsidy removal benefits
Relative to its intended legislative type, this bill is a well-specified set of statutory amendments to the Internal Revenue Code that clearly identifies the code provisions to be changed and supplies definitions and transition rules; it lacks background findings, fiscal acknowledgment, and explicit oversight or reporting measures.
The bill repeals or restricts multiple Internal Revenue Code provisions that provide tax advantages to oil and gas companies.
Key changes include eliminating credits (marginal wells, enhanced oil recovery), ending percentage depletion and certain deductions (intangible drilling costs, tertiary injectants), removing QBI for fossil activities, banning LIFO for major integrated oil companies, tightening foreign tax credit rules for dual-capacity payments, and clarifying tar sands as crude oil for excise tax.
Most provisions apply to taxable years or property after December 31, 2024.
Ambitious, partisan removals of long‑standing industry tax benefits with limited compromise reduce prospects; could influence policy debates or be partially adopted instead.
Relative to its intended legislative type, this bill is a well-specified set of statutory amendments to the Internal Revenue Code that clearly identifies the code provisions to be changed and supplies definitions and transition rules; it lacks background findings, fiscal acknowledgment, and explicit oversight or reporting measures.
Progressives emphasize climate and subsidy removal benefits
These are examples from the analysis, not a ranked list of the most-affected groups.
Progressives emphasize climate and subsidy removal benefits
Likely strongly supportive: views the bill as closing fossil-fuel tax loopholes and removing incentives that encourage extraction.
Sees it as fiscally responsible and aligned with climate and environmental goals.
Mixed but cautiously favorable if implemented carefully.
Supports removing inefficient subsidies and improving tax equity, while concerned about economic and energy-security side effects and implementation complexity.
Likely opposed: views the bill as punitive toward domestic energy producers, expanding federal interference in markets and threatening energy jobs and security.
Sees risks to economic growth and consumer costs.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Ambitious, partisan removals of long‑standing industry tax benefits with limited compromise reduce prospects; could influence policy debates or be partially adopted instead.
The bill has not accumulated any surfaced votes yet.
Progressives emphasize climate and subsidy removal benefits
Ambitious, partisan removals of long‑standing industry tax benefits with limited compromise reduce prospects; could influence policy debate…
Relative to its intended legislative type, this bill is a well-specified set of statutory amendments to the Internal Revenue Code that clearly identifies the code provisions to be changed and supplies definitions and tr…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.