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End Tax Breaks for Fossil Fuel Advertising

This bill aims to stop companies from deducting advertising and promotion costs related to fossil fuels from their taxes. This means fossil fuel companies will no longer be able to reduce their tax burden with marketing expenses, potentially influencing their promotional strategies and product pricing.
Key points
Companies involved in fossil fuel extraction, distribution, or sale will no longer be able to deduct advertising costs from their taxes.
The deduction ban covers a wide range of marketing expenses, including sponsorships, loyalty programs, in-school advertising, and event promotions.
These changes could impact the marketing strategies of fossil fuel companies and potentially their competitiveness, with long-term implications for the energy market.
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Additional Information
Print number: 117_HR_8737
Sponsor: Rep. Porter, Katie [D-CA-45]
Process start date: 2022-08-19