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Ending Oil and Gas Tax Subsidies Act of 2021

This act aims to eliminate various tax breaks and special rules for oil and gas companies. This could impact fuel and energy prices as companies might pass increased costs onto consumers. The changes may also influence investment in the fossil fuel sector.
Key points
Repeals tax breaks for geological and geophysical expenditures, potentially increasing initial costs for companies.
Eliminates credits for producing oil and gas from marginal wells and enhanced oil recovery, which may reduce the profitability of some projects.
Removes the ability to deduct intangible drilling and development costs, potentially raising operational expenses for companies.
Repeals percentage depletion for oil and gas wells, which could increase tax burdens.
Prohibits major integrated oil companies from using the Last-In, First-Out (LIFO) accounting method, potentially affecting their profits and inventory valuation.
Modifies foreign tax credit rules for companies operating in countries where they pay taxes and receive economic benefits.
Clarifies that tar sands are considered crude oil for excise tax purposes, subjecting them to the same taxes.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_2184
Sponsor: Rep. Blumenauer, Earl [D-OR-3]
Process start date: 2021-03-26
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

End Oil and Gas Tax Subsidies Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2184.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-26.

What are the main provisions?

Key points include:

  • Repeals tax breaks for geological and geophysical expenditures, potentially increasing initial costs for companies.
  • Eliminates credits for producing oil and gas from marginal wells and enhanced oil recovery, which may reduce the profitability of some projects.
  • Removes the ability to deduct intangible drilling and development costs, potentially raising operational expenses for companies.
  • Repeals percentage depletion for oil and gas wells, which could increase tax burdens.
  • Prohibits major integrated oil companies from using the Last-In, First-Out (LIFO) accounting method, potentially affecting their profits and inventory valuation.
  • Modifies foreign tax credit rules for companies operating in countries where they pay taxes and receive economic benefits.
  • Clarifies that tar sands are considered crude oil for excise tax purposes, subjecting them to the same taxes.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Blumenauer, Earl [D-OR-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Environment Economy