End Polluter Welfare Act of 2021

Bill: 117-s-1167
Sponsor: Sen. Sanders, Bernard [I-VT]
Introduced: 2021-04-15 in the Senate
Policy area: Energy
Subjects: Accounting and auditing
Administrative law and regulatory procedures
Advanced technology and technological innovations
Agricultural prices, subsidies, credit
Air quality
Alternative and renewable resources
Business expenses
Business investment and capital
Capital gains tax
Climate change and greenhouse gases
Coal
Competitiveness, trade promotion, trade deficits
Congressional oversight
Corporate finance and management
Department of Energy
Department of the Interior
Department of the Treasury
Electric power generation and transmission
Energy prices
Energy research
Energy revenues and royalties
Energy storage, supplies, demand
Executive agency funding and structure
Export-Import Bank of the United States
Foreign and international corporations
Foreign loans and debt
Government information and archives
Government lending and loan guarantees
Government studies and investigations
Government trust funds
Gulf of Mexico
Hazardous wastes and toxic substances
Income tax credits
Income tax deductions
Interest, dividends, interest rates
Marine and coastal resources, fisheries
Marine pollution
Mining
Montana
Motor fuels
Multilateral development programs
Navigation, waterways, harbors
Oil and gas
Pipelines
Pollution liability
Public participation and lobbying
Railroads
Research administration and funding
Research and development
Rural conditions and development
Sales and excise taxes
Securities
Solid waste and recycling
Tax administration and collection, taxpayers
Taxation of foreign income
Transportation programs funding
Worker safety and health
Wyoming

Summary:
action_date: 2021-04-15
text: 

End Polluter Welfare Act of 2021

 
This bill limits or eliminates certain fossil fuel oil and gas subsidies for oil companies, including by (1) eliminating the limit on liability for offshore facilities and pipeline operators; (2) eliminating the authority of the Department of Energy to carry out the Fossil Energy Research and Development Program and prohibiting funds made available to the Advanced Research Project Agency from being used to carry out any project that supports fossil fuels; (3) terminating certain provisions relating to enhanced oil recovery, producing oil and natural gas from marginal wells, and limitations on percentage depletion for oil and natural gas wells; (4) terminating other deductions and accounting methods supporting oil, natural gas, and coal companies; (5) increasing the Oil Spill Liability Trust Fund financing rate; (6) denying a tax deduction for removal costs and damages relating to oil spills; (7) imposing an excise tax on the removal price of any taxable crude oil or natural gas; (8) increasing amortization periods for tertiary injectant expenses, development expenditures of a mine or other natural deposit, mining exploration expenditures, and intangible drilling and development costs for oil and gas wells and geothermal wells; (9) repealing the tax credits for the production of electricity from refined coal and for carbon oxide sequestration; and (10) requiring a study and elimination of certain other fossil fuel subsidies.


Legislative actions:
action_date: 2021-04-15
text: Read twice and referred to the Committee on Finance.
action_date: 2021-04-15
text: Introduced in Senate