Bill > S1167

This bill, the End Polluter Welfare Act of 2021, aims to eliminate certain subsidies for fossil fuel production. The key provisions of the bill include: - Ending royalty relief for oil and gas production on federal lands, increasing royalty rates for coal, oil, and gas leases, eliminating interest payments on royalty overpayments, and removing liability limits for offshore oil spills. - Restricting the use of federal funds by international financial institutions, government agencies, and lending programs to support fossil fuel projects. - Terminating the Fossil Energy Research and Development Program and prohibiting Advanced Research Projects Agency-Energy funds from being used for fossil fuel projects. - Repealing various tax deductions, credits, and other incentives that benefit the fossil fuel industry, such as percentage depletion, intangible drilling cost deductions, and the Last-In-First-Out method of inventory. - Imposing a new tax on crude oil and natural gas production from the Outer Continental Shelf in the Gulf of Mexico. The bill aims to phase out federal subsidies and support that benefit the fossil fuel industry, in an effort to reduce reliance on fossil fuels and incentivize the transition to cleaner energy sources.

Budget and Finance

https://www.congress.gov/bill/117th-congress/senate-bill/1167/all-info