HR 383 119th Congress
End Oil and Gas Tax Subsidies Act of 2025
To amend the Internal Revenue Code of 1986 to repeal fossil fuel subsidies for oil companies, and for other purposes.
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Bill journey
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Introduction Congress.gov
Introduced
Introduced in the House.
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Referred to the House Committee on Ways and Means.
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Introduced in House
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Introduced in House
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Introduced in House
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| Date and time | Record | Official detail | Source |
|---|---|---|---|
| IntroductionIntroduced | Introduced in the House. | Congress.gov | |
| Official actionReferred to the House Committee on Ways and Means. | No additional detail supplied.IntroReferral · House floor actions · Code H11100 | Congress.gov | |
| Official actionIntroduced in House | No additional detail supplied.IntroReferral · Library of Congress · Code Intro-H | Congress.gov | |
| Official actionIntroduced in House | No additional detail supplied.IntroReferral · Library of Congress · Code 1000 | Congress.gov | |
| Text versionIntroduced in House | A dated text-version record is available. | Congress.gov |
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Congressional Research Service
CRS summary
End Oil and Gas Tax Subsidies Act of 2025This bill repeals or limits tax deductions and credits related to oil and gas production; increases the amortization period of geological and geophysical expenses; prohibits the use of the last-in, first-out (LIFO) accounting method by certain oil companies; and expands the definition of crude oil for certain purposes.The bill repeals thetax credits for producing oil and gas from marginal wells and enhanced oil recovery,tax deduction for intangible drilling and development costs for oil and gas wells,percentage depletion,tax deduction for tertiary injectant expenses, andexception to the passive loss limitations for working interests in oil and gas property.The bill increases the amortization period for geological and geophysical expenses from two years to seven years and prohibits major integrated oil companies from using the LIFO accounting method.The bill excludes from the qualified business income tax deduction items related to oil and gas production, refining, processing, transporting, and distribution.The bill provides statutory authority for Internal Revenue Service regulations that exclude from the definition of a tax for purposes of the foreign tax credit levies imposed by foreign countries or U.S. possessions on persons that receive a specific economic benefit from the country or possession.Finally, the bill defines crude oil for purposes of the excise tax on imported petroleum and crude oil to include bitumen or bituminous mixtures or oil derived from such mixtures (including tar sands) and oil derived from kerogen-bearing sources (including oil shale).
Official documents
Text versions
- Introduced in HouseJan 14, 2025