Ending Tax Loopholes for Big Oil and Gas Companies
This bill aims to reduce the federal budget deficit by eliminating tax loopholes for large oil and gas companies. These changes could impact fuel prices as these companies may face higher costs. Ultimately, savings from these changes are intended to reduce public debt, which could have a long-term impact on the nation's financial stability.
Key points
Eliminates tax breaks for large oil and gas companies, potentially increasing their operating costs.
Limits the ability of large oil companies to deduct drilling and development costs.
Repeals royalty relief for deep water and deep gas drilling on the Outer Continental Shelf.
All savings from this act will be used to reduce the federal budget deficit or national debt.
Status:
Expired
Record your position for audit.
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.