S 2996
114th Congress
Senate
Taxation
Business investment and capital
Capital gains tax
Coal
Earth sciences
Income tax credits
Income tax deductions
Manufacturing
Oil and gas
FAIR Energy Policy Act
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
Plain-English 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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1