House Bill 2184
117th Congress(2021-2022)
End Oil and Gas Tax Subsidies Act of 2021
Introduced
Introduced in House on Mar 26, 2021
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2184
Congress
117
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Earl Blumenauer
grade
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No House votes have been held for this bill.
Summary
End Oil and Gas Tax Subsidies Act of 2021
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).
March 26, 2021
03/26/2021
Referred to the House Committee on Ways and Means.
03/26/2021
Sponsor introductory remarks on measure. (CR E309)
03/26/2021
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:48:03 PM