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S 2996 114th Congress Senate

FAIR Energy Policy Act

Official title: A bill to amend the Internal Revenue Code of 1986 to phase out tax preferences for fossil fuels on the same schedule as the phase out of the tax credits for wind facilities.

Introduced: May 26, 2016 Introduced by: Schatz, Brian Democratic · Hawaii See on congress.gov
Taxation Business investment and capitalCapital gains taxCoalEarth sciences
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Income tax creditsIncome tax deductionsManufacturingOil and gas
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This bill died when the 114th Congress ended
It never became law before the 114th Congress (2015–2016) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 26, 2016
Read twice and referred to the Committee on Finance.
May 26, 2016
Introduced in Senate
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 Latest action May 26, 2016

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

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.
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 5
All 5 Democratic 5
D
Peters, Gary C.
Michigan · Jul 7, 2016
 D
Markey, Edward J.
Massachusetts · May 26, 2016
 D
Merkley, Jeff
Oregon · May 26, 2016
 D
Warren, Elizabeth
Massachusetts · May 26, 2016
 D
Whitehouse, Sheldon
Rhode Island · May 26, 2016
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2996: FAIR Energy Policy Act. 114th Congress. Open America. https://openamerica.io/bill/114-S-2996/
MLA
"S. 2996: FAIR Energy Policy Act." 114th Congress, 2026, Open America, https://openamerica.io/bill/114-S-2996/.
Bluebook (legal)
S. 2996, 114th Cong. (2026), https://openamerica.io/bill/114-S-2996/.
Markdown link
[S. 2996: FAIR Energy Policy Act](https://openamerica.io/bill/114-S-2996/)
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