Bill > S4887

This bill, the End Polluter Welfare Act of 2020, aims to eliminate certain subsidies for fossil-fuel production. The key provisions of the bill include: - Eliminating royalty relief provisions and increasing royalty rates for coal, oil, and natural gas leases on federal lands. - 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 accounting for oil/gas/coal companies. - Restricting the use of federal funds by international financial institutions, the U.S. International Development Finance Corporation, the Export-Import Bank, and the Department of Transportation for projects supporting fossil fuels. - Terminating the Fossil Energy Research and Development Program and prohibiting the use of Advanced Research Projects Agency-Energy funds for fossil fuel projects. - Imposing a moratorium on new oil, gas, and coal leases on federal lands during the COVID-19 national emergency. - Limiting access to certain financial assistance under the CARES Act for fossil fuel companies. The bill seeks to phase out various subsidies and tax preferences for the fossil fuel industry in order to reduce the environmental impact of these energy sources.

Budget and Finance

https://www.congress.gov/bill/116th-congress/senate-bill/4887/all-info