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

This act aims to eliminate subsidies and tax breaks for fossil fuel companies, including coal, oil, and natural gas producers. 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 cleaner energy sources.
Key points
Increased Royalties for Fossil Fuels: Companies extracting coal, oil, and natural gas will pay higher fees for using federal lands.
Elimination of Tax Breaks: Many tax incentives that reduced operating costs for fossil fuel companies will be terminated, potentially increasing their financial burden.
Higher Oil Spill Taxes: The tax rate funding the oil spill liability trust fund will increase, which may lead to higher costs for oil companies.
Restrictions on International Funding: U.S.-backed financial institutions will be prohibited from funding fossil fuel projects abroad.
Changes to Amortization and Deductions: Fossil fuel companies will have to amortize certain costs over a longer period, affecting their tax calculations.
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Expired
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Additional Information
Print number: 117_S_1167
Sponsor: Sen. Sanders, Bernard [I-VT]
Process start date: 2021-04-15
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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 Polluter Welfare Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_1167.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-04-15.

What are the main provisions?

Key points include:

  • Increased Royalties for Fossil Fuels: Companies extracting coal, oil, and natural gas will pay higher fees for using federal lands.
  • Elimination of Tax Breaks: Many tax incentives that reduced operating costs for fossil fuel companies will be terminated, potentially increasing their financial burden.
  • Higher Oil Spill Taxes: The tax rate funding the oil spill liability trust fund will increase, which may lead to higher costs for oil companies.
  • Restrictions on International Funding: U.S.-backed financial institutions will be prohibited from funding fossil fuel projects abroad.
  • Changes to Amortization and Deductions: Fossil fuel companies will have to amortize certain costs over a longer period, affecting their tax calculations.
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 Sen. Sanders, Bernard [I-VT].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Environment Economy