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End Fossil Fuel Subsidies: Higher Fees and Taxes for Companies.

This act aims to eliminate subsidies and tax breaks for fossil fuel companies, including those producing coal, oil, and natural gas. This means these companies will face higher fees and taxes, potentially impacting energy prices and transportation costs. The changes are intended to reduce support for the fossil fuel industry and promote more environmentally friendly solutions.
Key points
Increased royalties for coal, oil, and natural gas extraction on federal lands.
Elimination of various tax incentives for fossil fuel companies, potentially raising their operating costs.
Higher oil spill liability trust fund financing rate, which could lead to increased consumer costs.
Termination of federal research and development programs related to fossil fuels.
Introduction of a new tax on crude oil and natural gas produced from the Outer Continental Shelf in the Gulf of Mexico.
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Additional Information
End Polluter Welfare Act of 2021
Print number: HR 2102
Sponsor: Rep. Omar, Ilhan [D-MN-5]
Process start date: 2021-03-19