PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Ways and Means.
Congressional Research Service
Version 00 · Introduced in House · Mar 23, 2023
People Over Petroleum Act
This bill limits or repeals certain fossil fuel oil and gas subsidies for oil companies and establishes a gas prices rebate for individual taxpayers.
Among other elements, the bill
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repeals the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery;
repeals various tax deductions, including the deduction for the intangible drilling and development costs of oil and gas wells;
repeals the passive loss exception for working interests in oil and gas property;
denies the tax deduction for income attributable to domestic production activities for oil and gas activities;
prohibits the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies;
limits the foreign tax credit for dual capacity taxpayers (i.e., taxpayers who are subject to a levy of a foreign country or U.S. possession and receive specific economic benefits from such country or possession); and
expands the definition of crude oil for purposes of the excise tax on petroleum and petroleum products to include any oil derived from a bitumen or bituminous mixture (tar sands), and any oil derived from kerogen-bearing sources (oil shale).
The bill also allows individual taxpayers a 2022 gas prices rebate for the first taxable year beginning in 2022. The bill defines 2022 gas prices rebate amount as the sum of $500 ($1,000 for joint returns), plus $500 times the number of taxpayer dependents who had attained the age of 16 as of the end of the taxable year.
People & committees
Rep. Casten, Sean [D-IL-6] · D–IL
Legislative record
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Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Jul 24, 2024. Consult Congress.gov for the current record.
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