arrow_back Back to App

Ending Oil and Gas Tax Subsidies Act of 2025

This act aims to eliminate various tax breaks and special accounting rules currently benefiting oil and gas companies. This could impact fuel production costs, potentially affecting consumer prices and government revenue.
Key points
End of Tax Breaks: Oil and gas companies will lose certain deductions for exploration and development costs, potentially increasing their tax burden.
Accounting Changes: Large oil companies will no longer be able to use the LIFO (Last-In, First-Out) inventory accounting method, which could affect their reported profits and taxes.
New Oil Definitions: The act clarifies that tar sands and other bituminous mixtures are considered crude oil for excise tax purposes, subjecting them to the same taxes.
Potential Price Impact: Increased costs for companies could potentially lead to higher fuel prices at the pump, though the actual impact will depend on various market factors.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_383
Sponsor: Rep. Casten, Sean [D-IL-6]
Process start date: 2025-01-14
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

End Oil and Gas Tax Subsidies Act of 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_383.

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 2025-01-14.

What are the main provisions?

Key points include:

  • End of Tax Breaks: Oil and gas companies will lose certain deductions for exploration and development costs, potentially increasing their tax burden.
  • Accounting Changes: Large oil companies will no longer be able to use the LIFO (Last-In, First-Out) inventory accounting method, which could affect their reported profits and taxes.
  • New Oil Definitions: The act clarifies that tar sands and other bituminous mixtures are considered crude oil for excise tax purposes, subjecting them to the same taxes.
  • Potential Price Impact: Increased costs for companies could potentially lead to higher fuel prices at the pump, though the actual impact will depend on various market factors.
What is the specific legal status?

The current status is Introduced.

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. Casten, Sean [D-IL-6].

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 2025-12-22.

CATEGORIES

Taxes Environment Economy