Bill > HR7781

This bill, the End Polluter Welfare Act of 2020, aims to eliminate certain subsidies for fossil fuel production. Key provisions include: - Terminating various tax expenditures and deductions related to fossil fuels, such as the enhanced oil recovery credit, percentage depletion for coal and oil/gas wells, and last-in, first-out inventory method for oil/gas companies. - Eliminating royalty relief and interest payments for royalty overpayments related to oil/gas production on federal lands. - Restricting the use of federal funds by international financial institutions, the USIDFC, and the Export-Import Bank to support fossil fuel projects. - Ending the Fossil Energy Research and Development Program and prohibiting the Advanced Research Projects Agency-Energy from supporting fossil fuel projects. - Imposing a moratorium on new oil/gas lease sales, noncompetitive oil/gas leases, and coal leases during the COVID-19 national emergency. - Placing limitations on fossil fuel companies' access to certain CARES Act financial assistance and the Defense Production Act. The bill aims to phase out various subsidies, tax preferences, and other forms of government support for the fossil fuel industry.

Agriculture and Natural Resources, Budget and Finance, Transportation and Infrastructure

https://www.congress.gov/bill/116th-congress/house-bill/7781/all-info