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H.R. 383: End Oil and Gas Tax Subsidies Act of 2025
119th Congress · introduced 2025-01-14 · Taxation · Latest: Referred to the House Committee on Ways and Means.
federal
Official title
End Oil and Gas Tax Subsidies Act of 2025
Plain summary
End Oil and Gas Tax Subsidies Act of 2025 This bill repeals or limits tax deductions and credits related to oil and gas production; increases the amortization period of geological and geophysical expenses; prohibits the use of the last-in, first-out (LIFO) accounting method by certain oil companies; and expands the definition of crude oil for certain purposes. The bill repeals the tax credits for producing oil and gas from marginal wells and enhanced oil recovery, tax deduction for intangible drilling and development costs for oil and gas wells, percentage depletion, tax deduction for tertiary injectant expenses, and exception to the passive loss limitations for working interests in oil and gas property. The bill increases the amortization period for geological and geophysical expenses from two years to seven years and prohibits major integrated oil companies from using the LIFO accounting method. The bill excludes from the qualified business income tax deduction items related to oil and gas production, refining, processing, transporting, and distribution. The bill provides statutory authority for Internal Revenue Service regulations that exclude from the definition of a tax for purposes of the foreign tax credit levies imposed by foreign countries or U.S. possessions on persons that receive a specific economic benefit from the country or possession. Finally, the bill defines crude oil for purposes of the excise tax on imported petroleum and crude oil to include bitumen or bituminous mixtures or oil derived from such mixtures (including tar sands) and oil derived from kerogen-bearing sources (including oil shale).
Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.
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Official text
End Oil and Gas Tax Subsidies Act of 2025
Source: Congressional Research Service summary (Introduced in House)
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Officials and money
Sponsor: Rep. Casten, Sean [D-IL-6] · 16 cosponsors
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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).
- Statute
- A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in House)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-119hr383.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/119/hr>
Record fed-us-cong119-hr383 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills