‘‘(B) oil, gas, or a primary product of oil 
or gas which is sold by the foreign corporation 
or a related person for use or consumption 
within such country or is loaded in such coun-
try on a vessel or aircraft as fuel for such vessel 
or aircraft. 
Such term shall not include any foreign personal 
holding company income (as defined in subsection 
(c)). 
‘‘(2) PARAGRAPH
(1)
APPLIES
ONLY
WHERE 
CORPORATION HAS PRODUCED 1,000 BARRELS PER 
DAY OR MORE.— 
‘‘(A) IN
GENERAL.—The term ‘foreign 
base company oil related income’ shall not in-
clude any income of a foreign corporation if 
such corporation is not a large oil producer for 
the taxable year. 
‘‘(B) LARGE
OIL
PRODUCER.—For pur-
poses of subparagraph (A), the term ‘large oil 
producer’ means any corporation if, for the tax-
able year or for the preceding taxable year, the 
average daily production of foreign crude oil 
and natural gas of the related group which in-
cludes such corporation equaled or exceeded 
1,000 barrels. 
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‘‘(C) RELATED GROUP.—The term ‘related 
group’ means a group consisting of the foreign 
corporation and any other person who is a re-
lated person with respect to such corporation. 
‘‘(D) AVERAGE
DAILY
PRODUCTION
OF 
FOREIGN CRUDE OIL AND NATURAL GAS.—For 
purposes of this paragraph, the average daily 
production of foreign crude oil or natural gas of 
any related group for any taxable year (and the 
conversion of cubic feet of natural gas into bar-
rels) shall be determined under rules similar to 
the rules of section 613A (as in effect on the 
day before the date of enactment of the End 
Polluter Welfare Act of 2021) except that only 
crude oil or natural gas from a well located out-
side the United States shall be taken into ac-
count.’’. 
(c) CONFORMING AMENDMENTS.— 
(1) Section 952(c)(1)(B)(iii) of the Internal 
Revenue Code of 1986 is amended by redesignating 
subclauses (I) through (IV) as subclause (II) 
through (V), respectively, and by inserting before 
subclause (II) (as so redesignated) the following: 
‘‘(I) foreign base company oil re-
lated income,’’. 
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(2) Section 954(b) of such Code is amended— 
(A) by inserting at the end of paragraph 
(4) the following: ‘‘The preceding sentence shall 
not apply to foreign base company oil-related 
income described in subsection (a)(4).’’; 
(B) by striking ‘‘and the foreign base com-
pany services income’’ in paragraph (5) and in-
serting ‘‘the foreign base company services in-
come, and the foreign base company oil related 
income’’; and 
(C) by adding at the end the following new 
paragraph: 
‘‘(6) FOREIGN BASE COMPANY OIL RELATED IN-
COME NOT TREATED AS ANOTHER KIND OF BASE 
COMPANY INCOME.—Income of a corporation which 
is foreign base company oil related income shall not 
be considered foreign base company income of such 
corporation under paragraph (2) or (3) of subsection 
(a).’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years of foreign corpora-
tions beginning after the date of the enactment of this 
Act and to taxable years of United States shareholders 
ending with or within which such taxable years of foreign 
corporations end. 
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SEC. 36. REPEAL OF EXCLUSION OF FOREIGN OIL AND GAS 
EXTRACTION INCOME FROM THE DETER-
MINATION OF TESTED INCOME. 
(a) IN GENERAL.—Section 951A(c)(2)(A)(i) of the 
Internal Revenue Code of 1986 is amended— 
(1) by adding ‘‘and’’ at the end of subclause 
(III); 
(2) by striking ‘‘and’’ at the end of subclause 
(IV) and inserting ‘‘over’’; and 
(3) by striking subclause (V). 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years of foreign corpora-
tions beginning after the date of enactment of this Act, 
and to taxable years of United States shareholders in 
which or with which such taxable years of foreign corpora-
tions end. 
SEC. 37. TERMINATION OF CREDIT FOR CARBON OXIDE SE-
QUESTRATION. 
(a) IN GENERAL.—Section 45Q of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following: 
‘‘(i) TERMINATION.—This section shall not apply 
with respect to any qualified carbon oxide captured after 
the date of enactment of the End Polluter Welfare Act 
of 2021.’’. 
(b) REPORT.— 
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(1) IN
GENERAL.—Not later than 6 months 
after the date of enactment of this Act, the Sec-
retary of the Treasury, or the Secretary’s delegate, 
shall submit a report to Congress, to be made avail-
able to the public, which provides the following infor-
mation: 
(A) The taxpayer identity information of 
any taxpayer for which the carbon oxide seques-
tration credit under section 45Q of the Internal 
Revenue Code of 1986 was allowed for any tax-
able year following the enactment of such sec-
tion. 
(B) The total amount of the credit allowed 
pursuant to such section to each taxpayer de-
scribed in subparagraph (A). 
(C) With respect to the amount described 
in subparagraph (B), the amount of such credit 
allowed with respect to each of the following: 
(i) Qualified carbon oxide which was 
captured and disposed of by the taxpayer 
in secure geological storage and not used 
by the taxpayer as described in clause (ii) 
or (iii). 
(ii) Qualified carbon oxide which was 
captured and used by the taxpayer as a 
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tertiary injectant in a qualified enhanced 
oil or natural gas recovery project and dis-
posed of by the taxpayer in secure geologi-
cal storage. 
(iii) Qualified carbon oxide which was 
captured and utilized by the taxpayer in a 
manner described in section 45Q(f)(5) of 
the Internal Revenue Code of 1986. 
(2) EXCEPTION FROM RULES REGARDING CON-
FIDENTIALITY AND DISCLOSURE OF RETURNS AND 
RETURN INFORMATION.—Section 6103(l) of the In-
ternal Revenue Code of 1986 is amended by adding 
at the end the following: 
‘‘(23) DISCLOSURE OF RETURN INFORMATION 
FOR PUBLIC REPORT ON CARBON OXIDE SEQUES-
TRATION CREDIT.—The Secretary may disclose tax-
payer identity information and return information to 
the extent the Secretary deems necessary for pur-
poses of the report issued pursuant to section 37 of 
the End Polluter Welfare Act of 2021.’’. 
SEC. 38. POWDER RIVER BASIN. 
(a) DESIGNATION OF THE POWDER RIVER BASIN AS 
A COAL PRODUCING REGION.—As soon as practicable 
after the date of enactment of this Act, the Director of 
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the Bureau of Land Management shall designate the Pow-
der River Basin as a coal producing region. 
(b) REPORT.—Not later than 1 year after the date 
of enactment of this Act, the Director of the Bureau of 
Land Management shall submit to Congress a report that 
includes— 
(1) a study of the fair market value and the 
amount and effective rate of royalties paid on coal 
leases in the Powder River Basin compared to other 
national and international coal basins and markets; 
and 
(2) any policy recommendations to capture the 
future market value of the coal leases in the Powder 
River Basin. 
SEC. 39. STUDY AND ELIMINATION OF ADDITIONAL FOSSIL 
FUEL SUBSIDIES. 
(a) DEFINITION OF FOSSIL-FUEL PRODUCTION SUB-
SIDY.—In this section, the term ‘‘subsidy for fossil-fuel 
production’’ means any direct funding, tax treatment or 
incentive, risk-reduction benefit, financing assistance or 
guarantee, royalty relief, or other provision that provides 
a financial benefit to a fossil-fuel company for the produc-
tion of fossil fuels. 
(b) REPORT TO CONGRESS.—Not later than 1 year 
after the date of enactment of this Act, the Secretary of 
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the Treasury or the Secretary’s delegate (referred to in 
this section as the ‘‘Secretary’’), in coordination with the 
Secretary of Energy, shall submit to Congress a report 
detailing each Federal law (including regulations), other 
than those amended by this Act, as in effect on the date 
on which the report is submitted, that includes a subsidy 
for fossil-fuel production. 
(c) REPORT ON MODIFIED RECOVERY PERIOD.— 
(1) IN GENERAL.—Not later than 1 year after 
the date of enactment of this Act, the Secretary, in 
coordination with the Commissioner of Internal Rev-
enue, shall submit to Congress a report on the appli-
cable recovery period under the accelerated cost re-
covery system provided in section 168 of the Inter-
nal Revenue Code of 1986 for each type of property 
involved in fossil-fuel production, including pipelines, 
power generation property, refineries, and drilling 
equipment, to determine if any assets are receiving 
a subsidy for fossil-fuel production. 
(2) ELIMINATION OF SUBSIDY.—In the case of 
any type of property that the Secretary determines 
is receiving a subsidy for fossil-fuel production under 
such section 168, for property placed in service in 
taxable years beginning after the date of such deter-
mination, such section 168 shall not apply. The pre-
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ceding sentence shall not apply to any property with 
respect to a taxable year unless such determination 
is published before the first day of such taxable 
year. 
Æ 
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