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Ending Oil and Gas Tax Subsidies Act of 2023

This act aims to eliminate various tax breaks and special rules for oil and gas companies. This could impact fuel prices and energy costs as companies might pass increased expenses onto consumers. These changes may also influence investment in the fossil fuel sector.
Key points
Extends the amortization period for geological and geophysical expenditures from 24 months to 7 years, meaning slower tax deductions for these costs.
Repeals tax credits for producing oil and gas from marginal wells and for enhanced oil recovery.
Eliminates the ability to deduct intangible drilling and development costs for new oil and gas wells.
Repeals the percentage depletion allowance for oil and gas wells, increasing companies' taxable income.
Removes the deduction for tertiary injectants used in oil recovery.
Restricts passive loss limitations for working interests in oil and gas properties.
Excludes oil and gas activities from the qualified business income deduction.
Prohibits major integrated oil companies from using the Last-In, First-Out (LIFO) accounting method, potentially affecting their profits and taxes.
Modifies foreign tax credit rules for oil and gas companies operating in countries where they are both taxpayers and recipients of specific economic benefits.
Clarifies that tar sands and other bituminous mixtures are considered crude oil for excise tax purposes, potentially increasing their extraction and processing costs.
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Additional Information
Print number: 118_HR_1483
Sponsor: Rep. Blumenauer, Earl [D-OR-3]
Process start date: 2023-03-09
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

End Oil and Gas Tax Subsidies Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1483.

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 2023-03-09.

What are the main provisions?

Key points include:

  • Extends the amortization period for geological and geophysical expenditures from 24 months to 7 years, meaning slower tax deductions for these costs.
  • Repeals tax credits for producing oil and gas from marginal wells and for enhanced oil recovery.
  • Eliminates the ability to deduct intangible drilling and development costs for new oil and gas wells.
  • Repeals the percentage depletion allowance for oil and gas wells, increasing companies' taxable income.
  • Removes the deduction for tertiary injectants used in oil recovery.
  • Restricts passive loss limitations for working interests in oil and gas properties.
  • Excludes oil and gas activities from the qualified business income deduction.
  • Prohibits major integrated oil companies from using the Last-In, First-Out (LIFO) accounting method, potentially affecting their profits and taxes.
  • Modifies foreign tax credit rules for oil and gas companies operating in countries where they are both taxpayers and recipients of specific economic benefits.
  • Clarifies that tar sands and other bituminous mixtures are considered crude oil for excise tax purposes, potentially increasing their extraction and processing costs.
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 2025-12-24.

CATEGORIES

Taxes Environment Economy