End Oil and Gas Tax Subsidies Act of 2025

Summary

End Oil and Gas Tax Subsidies Act of 2025 This 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 the tax 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, and exception 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).

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Timeline

1. 14 January 2025

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 14 January 2025

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 January 2025

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

2 official files

• Introduced in House

  Introduced in House · EN · 14 January 2025

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 14 January 2025

  Open at official source

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Sponsors

• Rep. Casten, Sean [D-IL-6] · D · Sponsor
• Rep. Beyer, Donald S. [D-VA-8] · D · Sponsor
• Rep. Levin, Mike [D-CA-49] · D · Sponsor
• Rep. Brownley, Julia [D-CA-26] · D · Sponsor
• Rep. Cleaver, Emanuel [D-MO-5] · D · Sponsor
• Rep. Cohen, Steve [D-TN-9] · D · Sponsor
• Rep. Huffman, Jared [D-CA-2] · D · Sponsor
• Rep. Khanna, Ro [D-CA-17] · D · Sponsor
• Rep. Pingree, Chellie [D-ME-1] · D · Sponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Sponsor
• Rep. Tonko, Paul [D-NY-20] · D · Sponsor
• Rep. Moore, Gwen [D-WI-4] · D · Sponsor
• Del. Norton, Eleanor Holmes [D-DC-At Large] · D · Cosponsor
• Rep. Raskin, Jamie [D-MD-8] · D · Cosponsor
• Rep. Nadler, Jerrold [D-NY-12] · D · Cosponsor
• Rep. Ansari, Yassamin [D-AZ-3] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Tar Sands Tax Loophole Elimination Act
• related to ← Tar Sands Tax Loophole Elimination Act