Bill > HR1743

This bill, the People Over Petroleum Act, aims to repeal various tax subsidies and deductions for the oil and gas industry. Specifically, it would: 1. Increase the amortization period for geological and geophysical expenditures from 24 months to 7 years. 2. Eliminate the tax credit for producing oil and gas from marginal wells and the enhanced oil recovery credit. 3. Disallow the deduction for intangible drilling and development costs and percentage depletion for oil and gas wells. 4. Prohibit major integrated oil companies from using the last-in, first-out (LIFO) accounting method. 5. Modify the foreign tax credit rules for dual capacity taxpayers in the oil and gas industry. 6. Clarify that bitumen and oil derived from tar sands are considered "crude oil" for excise tax purposes. 7. Provide a one-time $500 ($1,000 for joint filers) gas price rebate to eligible individuals in 2022. The goal of these changes is to reduce subsidies and tax preferences for the oil and gas sector in order to support a transition to more sustainable energy sources.