I 
118TH CONGRESS 
1ST SESSION H. R. 1743 
To amend the Internal Revenue Code of 1986 to repeal fossil fuel subsidies 
for oil companies, to establish gas price rebates to individuals for 2022, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 23, 2023 
Mr. CASTEN (for himself, Mr. BLUMENAUER, Mr. LEVIN, and Mrs. MCCLEL-
LAN) introduced the following bill; which was referred to the Committee 
on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to repeal 
fossil fuel subsidies for oil companies, to establish gas 
price rebates to individuals for 2022, and for other pur-
poses. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘People Over Petroleum 
Act’’. 
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SEC. 
2. 
AMORTIZATION 
OF 
GEOLOGICAL 
AND 
GEO-
PHYSICAL EXPENDITURES. 
(a) IN GENERAL.—Section 167(h) of the Internal 
Revenue Code of 1986 is amended— 
(1) by striking ‘‘24-month period’’ in paragraph 
(1) and inserting ‘‘7-year period’’, and 
(2) by striking paragraph (5). 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to amounts paid or incurred in tax-
able years beginning after December 31, 2022. 
SEC. 3. PRODUCING OIL AND GAS FROM MARGINAL WELLS. 
(a) IN GENERAL.—Subpart D of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by striking section 45I (and by striking 
the item relating to such section in the table of sections 
for such subpart). 
(b) CONFORMING AMENDMENT.—Section 38(b) of 
such Code is amended by striking paragraph (19). 
(c) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply to credits determined for taxable 
years beginning after December 31, 2022. 
SEC. 4. ENHANCED OIL RECOVERY CREDIT. 
(a) IN GENERAL.—Subpart D of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by striking section 43 (and by striking 
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the item relating to such section in the table of sections 
for such subpart). 
(b) CONFORMING AMENDMENT.—Section 38(b) of 
such Code is amended by striking paragraph (6). 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to amounts paid or incurred in tax-
able years beginning after December 31, 2022. 
SEC. 5. INTANGIBLE DRILLING AND DEVELOPMENT COSTS 
IN THE CASE OF OIL AND GAS WELLS. 
(a) IN GENERAL.—Section 263(c) of the Internal 
Revenue Code of 1986 is amended by adding at the end 
the following new sentence: ‘‘This subsection shall not 
apply to amounts paid or incurred by a taxpayer with re-
spect to an oil or gas well after December 31, 2022.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to amounts paid or incurred in tax-
able years beginning after December 31, 2022. 
SEC. 6. REPEAL OF PERCENTAGE DEPLETION FOR OIL AND 
GAS WELLS. 
(a) IN GENERAL.—Part I of subchapter I of chapter 
1 of the Internal Revenue Code of 1986 is amended by 
striking section 613A (and the table of sections of such 
part is amended by striking the item relating to such sec-
tion). 
(b) CONFORMING AMENDMENTS.— 
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(1) Section 45H(d) of such Code is amended— 
(A) by striking ‘‘For purposes of this sec-
tion’’ and inserting the following: 
‘‘(1) IN GENERAL.—For purposes of this sec-
tion’’, 
(B) by striking ‘‘(within the meaning of 
section 613A(d)(3))’’, and 
(C) by adding at the end the following new 
paragraph: 
‘‘(2) RELATED PERSON.—For purposes of this 
subsection, a person is a related person with respect 
to the taxpayer if a significant ownership interest in 
either the taxpayer or such person is held by the 
other, or if a third person has a significant owner-
ship interest in both the taxpayer and such person. 
For purposes of the preceding sentence, the term 
‘significant ownership interest’ means— 
‘‘(A) with respect to any corporation, 5 
percent or more in value of the outstanding 
stock of such corporation, 
‘‘(B) with respect to a partnership, 5 per-
cent or more interest in the profits or capital of 
such partnership, and 
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