Bill > S329

This bill, titled the Sustainable Energy Act, aims to eliminate certain fuel subsidies and extend tax incentives for energy. It proposes to end royalty relief for oil and natural gas production on the Outer Continental Shelf, increase royalties on coal and oil/natural gas leases, and repeal certain incentives for ultra-deepwater and unconventional natural gas production. The bill also seeks to remove liability limits for offshore facilities and pipeline operators in certain oil spill scenarios, and to redirect funds away from international projects supporting coal, oil, or natural gas. Furthermore, it terminates the Office of Fossil Energy Research and Development and prohibits its funds from supporting fossil fuel projects, while also modifying tax provisions related to fossil fuels, such as ending certain tax credits and deductions for oil, natural gas, and coal companies, and changing inventory and depletion rules. In contrast, the bill extends tax credits for electricity produced from renewable resources, solar energy property, geothermal heat pump systems, fuel cell property, qualified microturbine property, combined heat and power systems, and qualified small wind energy property, and modifies the advanced energy project credit.