End Oil and Gas Tax Subsidies Act of 2025
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the End Oil and Gas Tax Subsidies Act of 2025, aims to eliminate tax breaks currently benefiting the oil and gas industry. It proposes to repeal various tax credits and deductions related to oil and gas production, including those for marginal wells, enhanced oil recovery, and tertiary injectants. The bill also restricts how oil companies can account for their expenses and clarifies the definition of crude oil for tax purposes, specifically including tar sands and oil shale. Finally, it prohibits the use of the LIFO accounting method by major integrated oil companies.
Key provisions
- Repeals tax credits for producing oil and gas from marginal wells and enhanced oil recovery.
- Eliminates the tax deduction for intangible drilling and development costs for oil and gas wells.
- Increases the amortization period for geological and geophysical expenses from 24 months to 7 years.
- Prohibits major integrated oil companies from using the LIFO accounting method.
- Expands the definition of crude oil to include bitumen, tar sands, and oil shale.
- Excludes certain oil and gas-related income from the qualified business income tax deduction.
- Modifies the foreign tax credit rules to address dual capacity taxpayers receiving economic benefits from foreign countries.
- Clarifies that pipeline, vessel, railcar, or tanker truck transport of certain fuels can be classified as crude oil for tax purposes.
Who is affected
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Sponsors
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17 on record
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