HR 8411
End Oil and Gas Tax Subsidies Act of 2020
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the End Oil and Gas Tax Subsidies Act of 2020, aims to eliminate tax breaks currently benefiting the oil and gas industry. It proposes significant changes to amortization schedules for geological exploration costs, eliminates several tax credits related to oil and gas production, and restricts accounting methods used by major oil companies. The bill also expands the definition of ‘crude oil’ to include tar sands and oil shale, and modifies rules regarding foreign tax credits for dual-capacity taxpayers. Ultimately, the goal is to reduce government support for fossil fuels.
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Primary sponsor
Earl Blumenauer
Cosponsors
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