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Ending Fossil Fuel Subsidies: Higher Fees, New Taxes, and Environmental Liability

This legislation eliminates financial support and tax breaks for coal, oil, and gas companies. It raises royalty rates for extraction on federal lands, introduces a new 13% severance tax on production in the Gulf of Mexico, and removes liability limits for oil spills. It also prohibits the use of federal funds to support new fossil fuel projects.
Key points
Tax Breaks Eliminated: Numerous tax credits, deductions, and special accounting methods for the fossil fuel industry are terminated.
Increased Costs for Producers: Royalty rates for extraction on federal lands are raised, and a new 13% severance tax is imposed on Gulf of Mexico production.
Unlimited Spill Liability: Financial liability limits for offshore facilities and pipeline operators involved in oil spills are removed.
Federal Funding Blocked: Federal loans, grants, and international financial support are prohibited for new fossil fuel projects and carbon capture systems.
Stricter Clean Hydrogen Rules: Tax credits for clean hydrogen production are modified, requiring stricter use of new, regionally sourced renewable energy.
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Additional Information
Print number: 118_HR_8554
Sponsor: Rep. Omar, Ilhan [D-MN-5]
Process start date: 2024-05-23
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Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

End Polluter Welfare Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_8554.

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 2024-05-23.

What are the main provisions?

Key points include:

  • Tax Breaks Eliminated: Numerous tax credits, deductions, and special accounting methods for the fossil fuel industry are terminated.
  • Increased Costs for Producers: Royalty rates for extraction on federal lands are raised, and a new 13% severance tax is imposed on Gulf of Mexico production.
  • Unlimited Spill Liability: Financial liability limits for offshore facilities and pipeline operators involved in oil spills are removed.
  • Federal Funding Blocked: Federal loans, grants, and international financial support are prohibited for new fossil fuel projects and carbon capture systems.
  • Stricter Clean Hydrogen Rules: Tax credits for clean hydrogen production are modified, requiring stricter use of new, regionally sourced renewable energy.
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. Omar, Ilhan [D-MN-5].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Trade.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes Environment Economy