S. 2996: FAIR Energy Policy Act

114th Congress · introduced 2016-05-26 · Taxation · Latest: Read twice and referred to the Committee on Finance.

federal

Follow this bill, step by step

Where it came from: introduced 2016-05-26 · official record
Who proposed it: Sen. Schatz, Brian [D-HI] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

FAIR Energy Policy Act

Plain summary

Fossil Aid is Inefficient and Regressive Energy Policy Act or the FAIR Energy Policy Act This bill amends the Internal Revenue Code to phase out certain tax provisions that apply to fossil fuels. The bill establishes a schedule for decreasing the benefits of the provisions for major integrated oil companies by specified percentages that reach 100% after December 31, 2019. The affected provisions include: the deduction for intangible drilling costs, the deduction for the percentage of depletion of oil and natural gas wells, the deduction for oil related qualified production activities income, the deduction for the amortization of geological and geophysical expenditures, the deduction for the percentage of depletion of oil shale, the deduction for exploration and development costs for oil shale, the capital gains treatment for royalties of coal, the deduction for tertiary injectants, the exception to the passive loss limitation for working interests in oil and natural gas properties, and the marginal wells tax credit.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

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If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

FAIR Energy Policy Act

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Schatz, Brian [D-HI] · 6 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Sheldon Whitehouse (D-RI), Jeff Merkley (D-OR), Elizabeth Warren (D-MA), Edward J. Markey (D-MA), Gary C. Peters (D-MI)

Sponsor's campaign money: Sen. Schatz, Brian [D-HI] reported raising $1.8 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Capital gains: The profit from selling something you own, such as stock or real estate, for more than you paid. A capital gains tax is a tax on that profit.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114s2996.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>

Record fed-us-cong114-s2996 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114