Bill > HR8554

This bill, the End Polluter Welfare Act of 2024, aims to eliminate certain subsidies and tax incentives for fossil fuel production in the United States. The key provisions of the bill include: - Eliminating royalty relief and reducing royalty rates for oil, gas, and coal leases on federal lands and waters. - Removing limits on liability for offshore oil spills and pipeline operators. - Prohibiting the use of federal funds and financing by international financial institutions for projects supporting fossil fuels. - Terminating the authority and funding for the Department of Energy's Office of Fossil Energy and Carbon Management. - Restricting the use of federal funds for fossil fuel-related projects at the Department of Energy, USDA, and transportation agencies. - Repealing various tax credits, deductions, and accounting methods that benefit the fossil fuel industry. - Imposing a new tax on crude oil and natural gas produced from the Gulf of Mexico outer continental shelf. - Repealing recent legislation that provided additional support for the fossil fuel industry. - Requiring a study and potential elimination of any remaining federal subsidies for fossil fuel production. The overall goal of the bill is to phase out federal support for the fossil fuel industry and encourage a transition towards cleaner energy sources.