To amend the Internal Revenue Code of 1986 to repeal fossil fuel subsidies for oil companies, and for other purposes.
Summary
What This Bill Does
The bill creates short title This Act may be cited as the End Oil and Gas Tax Subsidies Act of 2023, requires amortization of geological and geophysical expenditures Section 167(h) of the Internal Revenue Code of 1986 is amended— by striking 24-month period in paragraph (1) and inserting 7-year period, and by striking, and requires producing oil and gas from marginal wells Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 45I (and by striking the item relating to such. It relies on compliance mandates, tax rate changes, definition changes, and product standards. The main policy areas are Oil & Gas, Energy, Finance, and Transportation.
Who Benefits and How
Oil and gas producers, refiners, or users affected by the bill could face lower compliance burdens, Public beneficiaries or protected communities affected by the clause could face reduced risk, and Transportation operators and users affected by the bill could gain revenue opportunities.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties, Oil and gas producers, refiners, or users affected by the bill would take on compliance duties, and Public beneficiaries or protected communities affected by the clause could face increased risk.
Key Provisions
- Creates short title This Act may be cited as the End Oil and Gas Tax Subsidies Act of 2023.
- Requires amortization of geological and geophysical expenditures Section 167(h) of the Internal Revenue Code of 1986 is amended— by striking 24-month period in paragraph (1) and inserting 7-year period, and by striking...
- Requires producing oil and gas from marginal wells Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 45I (and by striking the item relating to such...
- Requires enhanced oil recovery credit Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 43 (and by striking the item relating to such section in...
- Requires intangible drilling and development costs in the case of oil and gas wells Subsection (c) of section 263 of the Internal Revenue Code of 1986 is amended by adding at the end the following new sentence: This...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill creates short title This Act may be cited as the End Oil and Gas Tax Subsidies Act of 2023, requires amortization of geological and geophysical expenditures Section 167(h) of the Internal Revenue Code of 1986 is amended— by striking 24-month period in paragraph (1) and inserting 7-year period, and by striking, and requires producing oil and gas from marginal wells Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 45I (and by striking the item relating to such.
Key Policy Areas
Oil & Gas, Energy, Finance, Transportation
Primary Purpose
The bill creates short title This Act may be cited as the End Oil and Gas Tax Subsidies Act of 2023, requires amortization of geological and geophysical expenditures Section 167(h) of the Internal Revenue Code of 1986 is amended— by striking 24-month period in paragraph (1) and inserting 7-year period, and by striking, and requires producing oil and gas from marginal wells Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 45I (and by striking the item relating to such.
Policy Domains
Whole bill
Identified Gains
- Oil and gas producers, refiners, or users affected by the bill
- Public beneficiaries or protected communities affected by the clause
- Transportation operators and users affected by the bill
- Foreign businesses and cross-border trade participants affected by the bill
- Businesses and employers affected by the bill
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Oil and gas producers, refiners, or users affected by the bill
- Public beneficiaries or protected communities affected by the clause
- Water infrastructure operators and water users affected by the bill
- Transportation operators and users affected by the bill
Sponsors
Legislative Progress
IntroducedMr. Blumenauer (for himself, Mr. Casten, and Ms. Porter) introduced …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology