Us Congress 2025-2026 Regular Session

Us Congress House Bill HB383

Introduced
1/14/25  

Caption

End Oil and Gas Tax Subsidies Act of 2025

Impact

If enacted, HB 383 would significantly alter federal energy policies by dismantling tax protections that benefit oil and gas production. By removing these subsidies, the bill aims to redirect financial support away from fossil fuel industries towards greener alternatives, thus promoting a more sustainable energy future. The intended reductions in oil and gas exploration credits are expected to generate billions in federal revenue, which could potentially be reallocated for renewable energy projects or infrastructure improvements. This realignment supports broader aims of reducing carbon emissions and transitioning to a more sustainable energy portfolio nationally.

Summary

House Bill 383, titled the "End Oil and Gas Tax Subsidies Act of 2025," aims to amend the Internal Revenue Code to repeal several tax incentives and subsidies afforded to oil and gas companies. The bill seeks to eliminate practices such as amortization of geological and geophysical expenditures and the enhanced oil recovery credit, effectively restructuring the financial landscape for fossil fuel companies. It arrives amid growing concerns regarding climate change and the financial burdens these subsidies create on the federal budget and the environment by encouraging fossil fuel dependence.

Contention

The bill has sparked notable debate in legislative discussions. Proponents argue that these subsidies are outdated and contribute to the exacerbation of climate change, asserting that the repeal is a crucial step towards fostering a responsible energy policy. On the other hand, opponents, primarily from regions reliant on fossil fuel economies, caution that the removal of these subsidies could lead to job losses and economic destabilization in energy-dependent areas. Critics further express concern regarding the immediate impact on fuel prices and energy availability, advocating for a more gradual transition that includes provisions for those affected by the changes.

Congress_id

119-HR-383

Policy_area

Taxation

Introduced_date

2025-01-14

Companion Bills

US SB1026

Related bill Tar Sands Tax Loophole Elimination Act

US HB2224

Related bill Tar Sands Tax Loophole Elimination Act

Previously Filed As

US HB1483

End Oil and Gas Tax Subsidies Act of 2023

US SB3016

End Taxpayer Subsidies for Electric Vehicles Act

US HB993

No Tax Subsidies for Stadiums Act of 2023

US HB8554

End Polluter Welfare Act of 2024

US HB1014

Big Oil Windfall Profits Tax Act

US SB392

No Tax Subsidies for Stadiums Act of 2023

US HB7252

Child and Dependent Care Tax Credit Enhancement Act of 2024

US HB7024

Tax Relief for American Families and Workers Act of 2024

US HB9838

End Polluter Welfare for Enhanced Oil Recovery Act of 2024

US HB7749

Ultra-Millionaire Tax Act of 2024

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