3.0.0 2996 2023-01-11T13:32:52Z 2023-01-11T13:32:52Z Senate S 2016-05-26 114 ssfi00 Finance Committee Senate Standing Referred to 2016-05-26T15:26:53Z 2016-05-26 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2016-05-26 Introduced in Senate IntroReferral 10000 9 Library of Congress S001194 Sen. Schatz, Brian [D-HI] Brian Schatz D HI N W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2016-05-26 True F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2016-05-26 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2016-05-26 True W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. 2016-05-26 True M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. 2016-05-26 True P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI 2016-07-07 False Taxation Business investment and capital Capital gains tax Coal Earth sciences Income tax credits Income tax deductions Manufacturing Oil and gas Taxation 00 2016-05-26 Introduced in Senate 2016-09-02T15:36:25Z 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.
]]> FAIR Energy Policy Act Display Title FAIR Energy Policy Act Official Title as Introduced 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 in Senate IS Short Titles as Introduced FAIR Energy Policy Act Short Titles as Introduced Fossil Aid is Inefficient and Regressive Energy Policy Act Introduced in Senate 2016-05-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2996is/xml/BILLS-114s2996is.xml 2016-05-26 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.