Bill > S1762

This bill, titled the "End Polluter Welfare Act of 2013," aims to eliminate various government subsidies and tax benefits that support the production of fossil fuels, defined as coal, petroleum, natural gas, or their derivatives used for fuel. It proposes to achieve this by repealing specific provisions in existing laws, such as royalty relief for offshore oil and gas production, certain tax credits and deductions related to fossil fuel extraction and processing, and funding for international projects that support fossil fuels. The bill also seeks to increase taxes on oil and natural gas extracted from the Outer Continental Shelf in the Gulf of Mexico, adjust the financing rate for the Oil Spill Liability Trust Fund, and apply environmental taxes to synthetic crude oil. Additionally, it mandates reporting requirements to identify remaining fossil fuel subsidies and proposes a uniform seven-year amortization period for geological and geophysical expenditures, among other changes to tax laws affecting the fossil fuel industry.