Bill > HR7871

This bill, the People Over Petroleum Act, would make several changes to the tax treatment of the oil and gas industry. It would repeal various tax deductions and credits that benefit the industry, including those for geological and geophysical expenditures, production from marginal wells, enhanced oil recovery, intangible drilling costs, and percentage depletion. The bill would also prohibit oil and gas companies from using the last-in, first-out (LIFO) accounting method and would modify the foreign tax credit rules for dual capacity taxpayers in the industry. Additionally, the bill would provide a one-time gas price rebate of up to $1,500 per eligible individual in 2022 to help offset high fuel costs.