Ends several tax breaks for oil and gas companies, potentially increasing their tax bills.
This bill would end several tax breaks that currently benefit oil and gas companies. It would remove various deductions and credits, change accounting rules for major companies, and clarify how certain oil products are taxed. These changes would likely mean higher tax payments for many in the oil and gas industry.
Today, oil and gas companies can use several tax benefits. These include deductions for drilling costs, percentage depletion, and the qualified business income deduction. Major companies can also use LIFO accounting. If this bill passes, these tax breaks would largely end for oil and gas activities. Major integrated oil companies with over $1 billion in gross receipts would also be prohibited from using LIFO. The definition of "crude oil" for excise taxes would also explicitly include tar sands.
HR 383 · 119th Congress · January 14, 2025 · AI Summary by gemini-2.5-flash · 8/10
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3 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.