Bill > HR2184

This bill, the End Oil and Gas Tax Subsidies Act of 2021, aims to repeal various tax subsidies and deductions for the oil and gas industry. Key provisions include: 1. Extending the amortization period for geological and geophysical expenditures from 24 months to 7 years. 2. Eliminating the tax credit for producing oil and gas from marginal wells. 3. Repealing the enhanced oil recovery credit. 4. Disallowing the immediate deduction for intangible drilling and development costs for oil and gas wells. 5. Repealing the percentage depletion allowance for oil and gas wells. 6. Eliminating the deduction for tertiary injectants used in oil recovery. 7. Terminating the exception to passive loss limitations for working interests in oil and gas properties. 8. Prohibiting the use of last-in, first-out (LIFO) accounting for major integrated oil companies. 9. Modifying the foreign tax credit rules applicable to dual capacity taxpayers, such as oil and gas companies, to limit the amount of foreign taxes that can be credited against U.S. tax liability. 10. Clarifying that certain non-conventional oil sources, such as tar sands and oil shale, are considered "crude oil" for excise tax purposes. Overall, the bill aims to eliminate tax subsidies and preferences that have historically benefited the oil and gas industry, in an effort to reduce fossil fuel consumption and promote the transition to renewable energy sources.