,i #aac? ,,congress #a/ ,session ,h4 ,r4 #cegd ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,novemb] #ba1 #bjac,mr4 ,ellison 7= himself1 ,mr4 ,cony]s1 ,mr4 ,grijalva1 ,mr4 ,blum5au]1 ,mr4 ,honda1 ,mr4 ,huffman1 ,mr4 ,nolan1 ,mr4 ,s]rano1 ,ms4 ,lee ( ,cali=nia1 ,mr4 ,grayson1 & ,mr4 ,coh57 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means1 & 9 addition to ! ,committees on ,transportation & ,infra/ructure1 ,natural ,res\rces1 ,sci5ce1 ,space1 & ,te*nology1 ,en]gy & ,comm]ce1 ,agriculture1 ,appropriations1 ,f9ancial ,s]vices1 & ,=eign ,affairs1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to elim9ate c]ta9 subsidies = fossil-fuel production4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,end ,pollut] ,welf>e ,act ( #bjac4 #b4 ,f9d+s ,congress f9ds t-- 7#a7 ,presid5t ,obama jo9$ o!r _w lead]s f ! ,gr\p ( ,tw5ty 9 pl$g+ to phase out wa/eful fossil-fuel subsidies2 7#b7 ! ,environm5tal ,law ,in/itute f\nd t f #bjjb ?r\gh #bjjh1 ,f$]al fossil-fuel subsidies 9 ! ,unit$ ,/ates total$ ov] #gb1jjj1jjj1jjj1 :ile ,f$]al r5ewable-en]gy inve/m5ts total$ #ab1bjj1jjj1jjj2 7#c7 accord+ to ,taxpay]s = ,common ,s5se1 ! #e l>ge/ oil corporations h made m ?an #a1jjj1jjj1jjj1jjj 9 pr(its dur+ ! pa/ decade2 7#d7 accord+ to ! ,c5t] = ,am]ican ,progress1 ! #e l>ge/ oil corporations po/$ m ?an #gj1jjj1jjj1jjj 9 pr(its 9 j ! fir/ #c qu>t]s ( #bjac2 7#e7 accord+ to ! ,c5t] = ,responsive ,politics1 ! entire oil & gas indu/ry sp5t #aje1jjj1jjj on lobby+ 9 ! fir/ #c qu>t]s ( #bjac1 :i* 0 an effective inve/m5t 9 protect+ _! extraord9>y tax loopholes & subsidies2 & 7#f7 taxpay]s 9 ! ,unit$ ,/ates %\ld n be subsidiz+ fossil fuel companies 9 a p]iod ( record debt4 #c4 ,def9ition ( fossil fuel ,9 ?is ,act1 ! t]m fossil fuel means coal1 petroleum1 natural gas1 or any d]ivative ( coal1 petroleum1 or natural gas t is us$ = fuel4 #d4 ,royalty ,relief 7a7 ,9 g5]al 7#a7 ,out] ,cont95tal ,%elf ,l&s ,act ,section #h7;a77#c7 ( ! ,out] ,cont95tal ,%elf ,l&s ,act 7#dc ,u4,s4,c4 #accg7;a77#c77 is am5d$-- 7,a7 by /rik+ subp>agraph 7,b72 & 7,b7 by r$esignat+ subp>agraph 7,c7 z subp>agraph 7,b74 7#b7 ,en]gy ,policy ,act ( #bjje 7,a7 ,inc5tives = natural gas production f deep wells 9 ! %all[ wat]s ( ! ,gulf ( ,mexico ,section #cdd ( ! ,en]gy ,policy ,act ( #bjje 7#db ,u4,s4,c4 #aeijd7 is repeal$4 7,b7 ,deep wat] production ,section #cde ( ! ,en]gy ,policy ,act ( #bjje 7#db ,u4,s4,c4 #aeije7 is repeal$4 7b7 ,future provisions ,not)/&+ any o!r provision ( law 7includ+ regulations71 royalty relief %all n be p]mitt$ "u a lease issu$ "u section #h ( ! ,out] ,cont95tal ,%elf ,l&s ,act 7#dc ,u4,s4,c4 #accg74 #e4 ,royalties "u ,m9]al ,leas+ ,act 7a7 ,coal leases ,section #g7;a7 ( ! ,m9]al ,leas+ ,act 7#cj ,u4,s4,c4 #bjg7;a77 is am5d$ by /rik+ #aba_/b & ins]t+ #ahc_/d4 7b7 ,leases on l& on :i* oil or natural gas is discov]$ ,section #ad ( ! ,m9]al ,leas+ ,act 7#cj ,u4,s4,c4 #bbc7 is am5d$ by /rik+ #aba_/b & ins]t+ #ahc_/d4 7c7 ,leases on l& kn[n or believ$ ,to conta9 oil or natural gas ,section #ag ( ! ,m9]al ,leas+ ,act 7#cj ,u4,s4,c4 #bbf7 is am5d$-- 7#a7 9 subsection 7b7-- 7,a7 9 p>agraph 7#a77;,a71 by /rik+ #ab4e & ins]t+ #ahc_/d2 & 7,b7 9 p>agraph 7#b77;,a77ii71 by /rik+ #aba_/b & ins]t+ #ahc_/d2 7#b7 9 subsection 7c77#a71 by /rik+ #ab4e & ins]t+ #ahc_/d2 7#c7 9 subsection 7l71 by /rik+ #aba_/b ea* "t x appe>s & ins]t+ #ahc_/d2 & 7#d7 9 subsection 7n77#a77;,c71 by /rik+ #aba_/b & ins]t+ #ahc_/d4 #f4 ,ultra-,deepwat] & ,unconv5tional ,natural ,gas & ,o!r ,petroleum ,res\rces ,subtitle ,j ( title ,,ix ( ! ,en]gy ,policy ,act ( #bjje 7#db ,u4,s4,c4 #afcga et seq47 is repeal$4 #g4 ,removal ( limits on liability = (f%ore facilities & pipel9e op]ators ,section #ajjd7;a7 ( ! ,oil ,pollution ,act ( #aiij 7#cc ,u4,s4,c4 #bgjd7;a77 is am5d$-- 7#a7 9 p>agraph 7#c71 by /rik+ plus #ge1jjj1jjj2 & & ins]t+ & ! liability ( ! responsible p>ty "u section #ajjb22 7#b7 9 p>agraph 7#d7-- 7,a7 by ins]t+ 7except an on%ore pipel9e transport+ dilut$ bitum51 bitum9\s mixtures1 or any oil manufactur$ f bitum57 aft] = any on%ore facility2 & 7,b7 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+3 7#e7 = any on%ore facility transport+ dilut$ bitum51 bitum9\s mixtures1 or any oil manufactur$ f bitum51 ! liability ( ! responsible p>ty "u section #ajjb4 4 #h4 ,funds to ,_w ,bank = f9anc+ projects t support fossil fuel 7a7 ,rescission ( funds ,effective on ! date ( enactm5t ( ?is ,act1 !re are resc9d$ all unobligat$ balances ( ! am\nts made available to ! ,int]national ,bank = ,recon/ruction & ,developm5t & ! ,int]national ,developm5t ,association 7commonly kn[n z ! ,_w ,bank71 & ea* o!r simil> int]national f9anc+ entity t has receiv$ am\nts f ! ,unit$ ,/ates1 z det]m9$ by ! ,secret>y ( ! ,treasury1 to c>ry out any project t supports fossil fuel4 7b7 ,future funds ,not)/&+ any o!r provision ( law1 any am\nts made available to ! ,_w ,bank or any o!r int]national f9anc+ entity %all n be us$ to c>ry out any project t supports fossil fuel4 #i4 ,(fice ( ,fossil ,en]gy ,rese>* & ,developm5t 7a7 ,9 g5]al ,section #bjc7;a77#b7 ( ! ,dep>tm5t ( ,en]gy ,organization ,act 7#db ,u4,s4,c4 #gacc7;a77#b77 is am5d$-- 7#a7 9 subp>agraph 7,c71 by ins]t+ & aft] ! semicolon at ! end2 7#b7 by /rik+ subp>agraph 7,d72 & 7#c7 by r$esignat+ subp>agraph 7,e7 z subp>agraph 7,d74 7b7 ,t]m9ation ,not)/&+ any o!r provision ( law1 ! ,(fice ( ,fossil ,en]gy ,rese>* & ,developm5t & ! au?ority to c>ry out any program or activity ( ! ,(fice 7z 9 exi/5ce on ! day be=e ! date ( enactm5t ( ?is ,act7 is t]m9at$4 #aj4 ,advanc$ ,rese>* ,projects ,ag5cy--,en]gy ,none ( ! funds made available to ! ,advanc$ ,rese>* ,projects ,ag5cy--,en]gy %all be us$ to c>ry out any project t supports fossil fuel4 #aa4 ,inc5tives = innovative te*nologies 7a7 ,9 g5]al ,section #agjc ( ! ,en]gy ,policy ,act ( #bjje 7#db ,u4,s4,c4 #afeac7 is am5d$-- 7#a7 9 subsection 7b7-- 7,a7 by /rik+ p>agraph 7#b72 7,b7 by /rik+ p>agraph 7#aj72 & 7,c7 by r$esignat+ p>agraphs 7#c7 ?r\gh 7#i7 z p>agraphs 7#b7 ?r\gh 7#h7 respectively2 7#b7 by /rik+ subsection 7c72 & 7#c7 by r$esignat+ subsections 7d7 & 7e7 z p>agraphs 7c7 & 7d7 respectively4 7b7 ,con=m+ am5dm5t ,section #agjd ( ! ,en]gy ,policy ,act ( #bjje 7#db ,u4,s4,c4 #afead7 is am5d$-- 7#a7 9 subsection 7a71 by /rik+ 7a7 ,9 g5]al4--2 & 7#b7 by /rik+ subsection 7b74 #ab4 ,rural ,utility ,s]vice loan gu>antees ,! ,secret>y ( ,agriculture %all n make a loan "u title ,,iii ( ! ,rural ,electrification ,act ( #aicf 7#g ,u4,s4,c4 #ica et seq47 to an applicant = ! purpose ( c>ry+ out any project t w use fossil fuel4 #ac4 ,funds to ! ,ov]seas ,private ,inve/m5t ,corporation or ! ,export-,import ,bank ( ! ,unit$ ,/ates = f9anc+ projects1 transactions1 or o!r activities t support fossil fuel 7a7 ,rescission ( funds ,effective on ! date ( enactm5t ( ?is ,act1 !re are resc9d$ all unobligat$ balances ( ! am\nts made available to ! ,ov]seas ,private ,inve/m5t ,corporation or ! ,export-,import ,bank ( ! ,unit$ ,/ates to c>ry out any project1 transaction1 or o!r activity t supports fossil-fuel production4 7b7 ,future funds ,not)/&+ any o!r provision ( law1 any am\nts made available to ! ,ov]seas ,private ,inve/m5t ,corporation or ! ,export-,import ,bank ( ! ,unit$ ,/ates %all n be us$ to c>ry out any project1 transaction1 or o!r activity t supports fossil-fuel production4 #ad4 ,transportation funds = grants1 loans1 loan gu>antees1 & o!r direct assi/ance ,not)/&+ any o!r provision ( law1 any am\nts made available to ! ,dep>tm5t ( ,transportation 7includ+ ! ,f$]al ,railroad ,adm9i/ration7 %all n be us$ to aw>d any grant1 loan1 loan gu>antee1 or provide any o!r direct assi/ance to any rail or port project t transports fossil fuel4 #ae4 ,t]m9ation ( v>i\s tax exp5ditures relat+ to fossil fuels 7a7 ,9 g5]al ,sub*apt] ,c ( *apt] #hj ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #ghge4 ,t]m9ation ( c]ta9 provisions relat+ to fossil fuel inc5tives 7a7 ,9 g5]al ,! foll[+ provisions %all n apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ! ,end ,pollut] ,welf>e ,act ( #bjac3 7#a7 ,section #dc 7relat+ to enhanc$ oil recov]y cr$it74 7#b7 ,section #de;,i 7relat+ to cr$it = produc+ oil & natural gas f m>g9al wells74 7#c7 ,section #de,k 7relat+ to cr$it = produc+ fuel f a nonconv5tional s\rce74 7#d7 ,section #aic 7relat+ to t]ti>y injectants74 7#e7 ,section #aii7;d77#i7 7relat+ to special rule = taxpay]s ) oil relat$ qualifi$ production activities income74 7#f7 ,section #dfa7;i77#b7 7relat+ to special rule = spudd+ ( oil or natural gas wells74 7#g7 ,section #dfi7;c77#c7 7relat+ to work+ int]e/s 9 oil & natural gas prop]ty74 7#h7 ,section #fac;,a 7relat+ to limitations on p]c5tage depletion 9 case ( oil & natural gas wells74 7#i7 ,section #fag 7relat+ to d$uction & recapture ( c]ta9 m9+ exploration exp5ditures74 7#aj7 ,section #ggjd7;d77#a77;,e7 7relat+ to qualify+ income74 7b7 ,provisions relat+ to prop]ty ,! foll[+ provisions %all n apply to prop]ty plac$ 9 s]vice aft] ! date ( ! enactm5t ( ! ,end ,pollut] ,welf>e ,act ( #bjac3 7#a7 ,subp>agraphs 7,c77iii7 & 7,e77viii7 ( section #afh7;e77#c7 7relat+ to classification ( c]ta9 prop]ty74 7#b7 ,section #afi 7relat+ to amortization ( pollution control facilities7 ) respect to any atmosph]ic pollution control facility4 7#c7 ,section #agi;,c 7relat+ to election to exp5se c]ta9 ref9]ies74 7c7 ,provisions relat+ to co/s & exp5ses ,! foll[+ provisions %all n apply to co/s or exp5ses paid or incurr$ aft] ! date ( ! enactm5t ( ! ,end ,pollut] ,welf>e ,act ( #bjac3 7#a7 ,section #agi;,b 7relat+ to d$uction = capital co/s incurr$ 9 comply+ ) ,environm5tal ,protection ,ag5cy sulfur regulations74 7#b7 ,section #bfc7;c7 7relat+ to intangible drill+ & developm5t co/s7 ) respect to co/s 9 ! case ( oil & natural gas wells4 7#c7 ,section #dfh 7relat+ to special rules = m9+ & solid wa/e reclamation & clos+ co/s74 7d7 #e-,ye> c>ryback = m>g9al oil & natural gas well production cr$it ,section #ci7;a77#c7 7relat+ to #e-ye> c>ryback = m>g9al oil & natural gas well production cr$it7 %all n apply to cr$its det]m9$ 9 taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ! ,end ,pollut] ,welf>e ,act ( #bjac4 7e7 ,cr$it = c>bon dioxide seque/ration ,section #de,q 7relat+ to cr$it = c>bon dioxide seque/ration7 %all n apply to c>bon dioxide captur$ aft] ! date ( ! enactm5t ( ! ,end ,pollut] ,welf>e ,act ( #bjac4 7f7 ,allocat$ cr$its ,no new cr$its %all be c]tifi$ "u section #dh;,a 7relat+ to qualify+ advanc$ coal project cr$it7 or section #dh;,b 7relat+ to qualify+ gasification project cr$it7 aft] ! date ( ! enactm5t ( ! ,end ,pollut] ,welf>e ,act ( #bjac4 7g7 ,arbitrage bonds ,section #adh7;b77#d7 7relat+ to safe h>bor = prepaid natural gas7 %all n apply to obligations issu$ aft] ! date ( ! enactm5t ( ! ,end ,pollut] ,welf>e ,act ( #bjac4 4 7b7 ,con=m+ am5dm5t ,! table ( sections = sub*apt] ,c ( *apt] #ij is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #ghge4 ,t]m9ation ( c]ta9 provisions4 4 #af4 ,t]m9ation ( alt]native fuel vehicle refuel+ prop]ty cr$it ) respect to fossil fuels 7a7 ,9 g5]al ,p>agraph 7#b7 ( section #cj;,c7c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ 1 natural gas1 compress$ natural gas1 liquefi$ natural gas1 liquefi$ petroleum gas1 9 subp>agraph 7,a71 7#b7 by /rik+ subp>agraph 7,b71 & 7#c7 by r$esignat+ subp>agraph 7,c7 z subp>agraph 7,b74 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to prop]ty plac$ 9 s]vice aft] ! date ( enactm5t ( ?is ,act4 #ag4 ,uni=m sev5-ye> amortization = geological & geophysical exp5ditures 7a7 ,9 g5]al ,section #afg7;h7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ #bd-mon? p]iod ea* place x appe>s 9 p>agraphs 7#a7 & 7#d7 & ins]t+ #g-ye> p]iod1 & 7#b7 by /rik+ p>agraph 7#e74 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to am\nts paid or incurr$ aft] ! date ( ! enactm5t ( ?is ,act4 #ah4 ,natural gas ga!r+ l9es treat$ z #ae-ye> prop]ty 7a7 ,9 g5]al ,subp>agraph 7,e7 ( section #afh7;e77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ & at ! end ( clause 7viii71 by /rik+ ! p]iod at ! end ( clause 7ix7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new clause3 7x7 any natural gas ga!r+ l9e ! orig9al use ( :i* comm5ces ) ! taxpay] aft] ! date ( ! enactm5t ( ?is clause4 4 7b7 ,alt]native sy/em ,! table conta9$ 9 section #afh7;g77#c77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] ! item relat+ to subp>agraph 7,e77ix7 ! foll[+ new item3 7,e77x7#bb 4 7c7 ,con=m+ am5dm5t ,clause 7iv7 ( section #afh7;e77#c77;,c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ & on or be=e ! date ( ! enactm5t ( ! ,end ,pollut] ,welf>e ,act ( #bjac aft] ,april #aa1 #bjje4 7d7 ,effective date 7#a7 ,9 g5]al ,! am5dm5ts made by ?is section %all apply to prop]ty plac$ 9 s]vice on & aft] ! date ( ! enactm5t ( ?is ,act4 7#b7 ,exception ,! am5dm5ts made by ?is section %all n apply to any prop]ty ) respect to :i* ! taxpay] or a relat$ p>ty has ent]$ into a b9d+ contract = ! con/ruction !re( on or be=e ! date ( ! enactm5t ( ?is ,act1 or1 9 ! case ( self-con/ruct$ prop]ty1 has />t$ con/ruction on or be=e su* date4 #ai4 ,repeal ( dome/ic manufactur+ d$uction = h>d m9]al m9+ 7a7 ,9 g5]al ,subp>agraph 7,b7 ( section #aii7;c77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ or at ! end ( clause 7ii71 by /rik+ ! p]iod at ! end ( clause 7iii7 & ins]t+ 1 or1 & by add+ at ! end ! foll[+ new clause3 7iv7 ! m9+ ( any h>d m9]al4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #bj4 ,limitation on d$uction = income attributable to dome/ic production ( oil1 natural gas1 or prim>y products !re( 7a7 ,d5ial ( d$uction ,p>agraph 7#d7 ( section #aii7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,e7 ,special rule = oil1 natural gas1 & coal income ,! t]m dome/ic production gross receipts %all n include gross receipts f ! production1 ref9+1 process+1 transportation1 or di/ribution ( oil1 natural gas1 or coal1 or any prim>y product 7)9 ! mean+ ( subsection 7d77#i77 !re(4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #ba4 ,t]m9ation ( la/-91 fir/-out me?od ( inv5tory = oil1 natural gas1 & coal companies 7a7 ,9 g5]al ,section #dgb ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subsection3 7h7 ,t]m9ation = oil1 natural gas1 & coal companies ,subsection 7a7 %all n apply to any taxpay] t is 9 ! trade or bus9ess ( ! production1 ref9+1 process+1 transportation1 or di/ribution ( oil1 natural gas1 or coal = any taxable ye> beg9n+ aft] ! date ( enactm5t ( ! ,end ,pollut] ,welf>e ,act ( #bjac4 4 7b7 ,additional t]m9ation ,section #dgc ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subsection3 7h7 ,t]m9ation = oil1 natural gas1 & coal companies ,?is section %all n apply to any taxpay] t is 9 ! trade or bus9ess ( ! production1 ref9+1 process+1 transportation1 or di/ribution ( oil1 natural gas1 or coal = any taxable ye> beg9n+ aft] ! date ( enactm5t ( ! ,end ,pollut] ,welf>e ,act ( #bjac4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( enactm5t ( ?is ,act4 #bb4 ,repeal ( p]c5tage depletion = coal & h>d m9]al fossil fuels 7a7 ,9 g5]al ,section #fac ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subsection3 7f7 ,t]m9ation ) respect to coal & h>d m9]al fossil fuels ,9 ! case ( coal1 lignite1 & oil %ale 7o!r ?an oil %ale describ$ 9 subsection 7b77#e771 ! all[ance = depletion %all be comput$ )\t ref]5ce to ?is section = any taxable ye> beg9n+ aft] ! date ( ! enactm5t ( ! ,end ,pollut] ,welf>e ,act ( #bjac4 4 7b7 ,con=m+ am5dm5ts 7#a7 ,coal & lignite ,section #fac7;b77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ coal1 lignite14 7#b7 ,oil %ale ,section #fac7;b77#b7 ( su* ,code is am5d$ to read z foll[s3 7#b7 #ae p]c5t ,if1 f deposits 9 ! ,unit$ ,/ates1 gold1 silv]1 copp]1 & iron ore4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #bc4 ,t]m9ation ( capital ga9s treatm5t = royalties f coal 7a7 ,9 g5]al ,subsection 7c7 ( section #fca ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ coal 7includ+ lignite71 or iron ore & ins]t+ iron ore1 7#b7 by /rik+ coal or iron ore ea* place x appe>s & ins]t+ iron ore1 7#c7 by /rik+ iron ore or coal ea* place x appe>s & ins]t+ iron ore1 & 7#d7 by /rik+ coal or 9 ! head+4 7b7 ,con=m+ am5dm5t ,! head+ ( section #fca ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ 1 coal14 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to dispositions aft] ! date ( ! enactm5t ( ?is ,act4 #bd4 ,modifications ( =eign tax cr$it rules applicable to oil1 natural gas1 & coal companies :i* are dual capacity taxpay]s 7a7 ,9 g5]al ,section #ija ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by r$esignat+ subsection 7n7 z subsection 7o7 & by ins]t+ aft] subsection 7m7 ! foll[+ new subsection3 7n7 ,special rules relat+ to oil1 natural gas1 & coal companies :i* are dual capacity taxpay]s 7#a7 ,g5]al rule ,not)/&+ any o!r provision ( ?is *apt]1 any am\nt paid or accru$ to a =eign c\ntry or possession ( ! ,unit$ ,/ates = any p]iod by a dual capacity taxpay] :i* is 9 ! trade or bus9ess ( ! production1 ref9+1 process+1 transportation1 or di/ribution ( oil1 natural gas1 or coal %all n be consid]$ a tax-- 7,a7 if1 = su* p]iod1 ! =eign c\ntry or possession does n impose a g5]ally applicable income tax1 or 7,b7 to ! ext5t su* am\nt exce$s ! am\nt 7det]m9$ 9 accordance ) regulations7 :i*-- 7i7 is paid by su* dual capacity taxpay] pursuant to ! g5]ally applicable income tax impos$ by ! c\ntry or possession1 or 7ii7 w\ld be paid if ! g5]ally applicable income tax impos$ by ! c\ntry or possession 7 applicable to su* dual capacity taxpay]4 ,no?+ 9 ?is p>agraph %all be con/ru$ to imply ! prop] treatm5t ( any su* am\nt n 9 excess ( ! am\nt det]m9$ "u subp>agraph 7,b74 7#b7 ,dual capacity taxpay] ,= purposes ( ?is subsection1 ! t]m dual capacity taxpay] means1 ) respect to any =eign c\ntry or possession ( ! ,unit$ ,/ates1 a p]son :o-- 7,a7 is subject to a levy ( su* c\ntry or possession1 & 7,b7 receives 7or w receive7 directly or indirectly a specific economic b5efit 7z det]m9$ 9 accordance ) regulations7 f su* c\ntry or possession4 7#c7 ,g5]ally applicable income tax ,= purposes ( ?is subsection-- 7,a7 ,9 g5]al ,! t]m g5]ally applicable income tax means an income tax 7or a s]ies ( income taxes7 :i* is g5]ally impos$ "u ! laws ( a =eign c\ntry or possession on income d]iv$ f ! conduct ( a trade or bus9ess )9 su* c\ntry or possession4 7,b7 ,exceptions ,su* t]m %all n include a tax unless x has sub/antial application1 by its t]ms & 9 practice1 to-- 7i7 p]sons :o are n dual capacity taxpay]s1 & 7ii7 p]sons :o are citiz5s or resid5ts ( ! =eign c\ntry or possession4 4 7b7 ,effective ,date 7#a7 ,9 g5]al ,! am5dm5ts made by ?is section %all apply to taxes paid or accru$ 9 taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 7#b7 ,contr>y treaty obligations upheld ,! am5dm5ts made by ?is section %all n apply to ! ext5t contr>y to any treaty obligation ( ! ,unit$ ,/ates4 #be4 ,increase 9 oil spill liability tru/ fund f9anc+ rate 7a7 ,9 g5]al ,subp>agraph 7,b7 ( section #dfaa7;c77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7,b7 ! ,oil ,spill ,liability ,tru/ ,fund f9anc+ rate is-- 7i7 9 ! case ( crude oil receiv$ or petroleum products ent]$ be=e ,janu>y #a1 #bjac1 #h c5ts a b>rel1 7ii7 9 ! case ( crude oil receiv$ or petroleum products ent]$ aft] ,decemb] #ca1 #bjac1 & be=e ,janu>y #a1 #bjag1 #i c5ts a b>rel1 & 7iii7 9 ! case ( crude oil receiv$ or petroleum products ent]$ aft] ,decemb] #ca1 #bjaf1 #aj c5ts a b>rel4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to crude oil receiv$ & petroleum products ent]$ aft] ! date ( ! enactm5t ( ?is ,act4 #bf4 ,application ( c]ta9 environm5tal taxes to syn!tic crude oil 7a7 ,9 g5]al ,p>agraph 7#a7 ( section #dfab7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7#a7 ,crude oil 7,a7 ,9 g5]al ,! t]m crude oil includes crude oil cond5sates1 natural gasol9e1 & syn!tic crude oil4 7,b7 ,syn!tic crude oil ,= purposes ( subp>agraph 7,a71 ! t]m syn!tic crude oil means any bitum5 & bitum9\s mixtures1 any oil manufactur$ f bitum5 & bitum9\s mixtures1 & any liquid fuel manufactur$ f coal4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to oil & petroleum products receiv$ or ent]$ dur+ cal5d> qu>t]s beg9n+ m ?an #fj days aft] ! date ( ! enactm5t ( ?is ,act4 #bg4 ,d5ial ( d$uction = removal co/s & damages = c]ta9 oil spills 7a7 ,9 g5]al ,"p ,,ix ( sub*apt] ,b ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #bhj;,i4 ,exp5ses = removal co/s & damages relat+ to c]ta9 oil spill liability ,no d$uction %all be all[$ "u ?is *apt] = any am\nt paid or incurr$ ) respect to any co/s or damages = :i* ! taxpay] is liable "u section #ajjb ( ! ,oil ,pollution ,act ( #aiij 7#cc ,u4,s4,c4 #bgjb74 4 7b7 ,cl]ical am5dm5t ,! table ( sections = "p ,,ix ( sub*apt] ,b ( *apt] #a ( su* ,code is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #bhj;,i4 ,exp5ses = removal co/s & damages relat+ to c]ta9 oil spill liability4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to any liability aris+ 9 taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4 #bh4 ,tax on crude oil & natural gas produc$ f ! out] ,cont95tal ,%elf 9 ! ,gulf ( ,mexico 7a7 ,9 g5]al ,subtitle ,e ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new *apt]3 #ef ,tax on sev]ance ( crude oil & natural gas f ! out] ,cont95tal ,%elf 9 ! ,gulf ( ,mexico ,sec4 #eija4 ,imposition ( tax4,sec4 #eijb4 ,taxable crude oil or natural gas & removal price4,sec4 #eijc4 ,special rules & def9itions4 #eija4 ,imposition ( tax 7a7 ,9 g5]al ,9 addition to any o!r tax impos$ "u ?is title1 !re is h]eby impos$ a tax equal to #ac p]c5t ( ! removal price ( any taxable crude oil or natural gas remov$ f ! premises dur+ any taxable p]iod4 7b7 ,cr$it = ,f$]al royalties paid 7#a7 ,9 g5]al ,!re %all be all[$ z a cr$it aga9/ ! tax impos$ by subsection 7a7 ) respect to ! production ( any taxable crude oil or natural gas an am\nt equal to ! aggregate am\nt ( royalties paid "u ,f$]al law ) respect to su* production4 7#b7 ,limitation ,! aggregate am\nt ( cr$its all[$ "u p>agraph 7#a7 to any taxpay] = any taxable p]iod %all n exce$ ! am\nt ( tax impos$ by subsection 7a7 = su* taxable p]iod4 7c7 ,tax paid by produc] ,! tax impos$ by ?is section %all be paid by ! produc] ( ! taxable crude oil or natural gas4 #eijb4 ,taxable crude oil or natural gas & removal price 7a7 ,taxable crude oil or natural gas ,= purposes ( ?is *apt]1 ! t]m taxable crude oil or natural gas means crude oil or natural gas :i* is produc$ f ,f$]al subm]g$ l&s on ! out] ,cont95tal ,%elf 9 ! ,gulf ( ,mexico pursuant to a lease ent]$ into ) ! ,unit$ ,/ates :i* au?orizes ! production4 7b7 ,removal price ,= purposes ( ?is *apt]-- 7#a7 ,9 g5]al ,except z o!rwise provid$ 9 ?is subsection1 ! t]m removal price means-- 7,a7 9 ! case ( taxable crude oil1 ! am\nt = :i* a b>rel ( su* crude oil is sold1 & 7,b7 9 ! case ( taxable natural gas1 ! am\nt p] #a1jjj cubic feet = :i* su* natural gas is sold4 7#b7 ,sales betwe5 relat$ p]sons ,9 ! case ( a sale betwe5 relat$ p]sons1 ! removal price %all n be less ?an ! con/ructive sales price = purposes ( det]m9+ gross income f ! prop]ty "u section #fac4 7#c7 ,oil or natural gas remov$ f prop]ty be=e sale ,if crude oil or natural gas is remov$ f ! prop]ty be=e x is sold1 ! removal price %all be ! con/ructive sales price = purposes ( det]m9+ gross income f ! prop]ty "u section #fac4 7#d7 ,ref9+ begun on prop]ty ,if ! manufacture or conv]sion ( crude oil into ref9$ products beg9s be=e su* oil is remov$ f ! prop]ty-- 7,a7 su* oil %all be treat$ z remov$ on ! day su* manufacture or conv]sion beg9s1 & 7,b7 ! removal price %all be ! con/ructive sales price = purposes ( det]m9+ gross income f ! prop]ty "u section #fac4 7#e7 ,prop]ty ,! t]m prop]ty has ! mean+ giv5 su* t]m by section #fad4 #eijc4 ,special rules & def9itions 7a7 ,adm9i/rative requirem5ts 7#a7 ,)hold+ & deposit ( tax ,! ,secret>y %all provide = ! )hold+ & deposit ( ! tax impos$ "u section #eija on a qu>t]ly basis4 7#b7 ,records & in=mation ,ea* taxpay] liable = tax "u section #eija %all keep su* records1 make su* returns1 & furni% su* in=mation 7to ! ,secret>y & to o!r p]sons hav+ an int]e/ 9 ! taxable crude oil or natural gas7 ) respect to su* oil z ! ,secret>y may by regulations prescribe4 7#c7 ,taxable p]iods2 return ( tax 7,a7 ,taxable p]iod ,except z provid$ by ! ,secret>y1 ea* cal5d> ye> %all con/itute a taxable p]iod4 7,b7 ,returns ,! ,secret>y %all provide = ! fil+1 & ! "t = fil+1 ( ! return ( ! tax impos$ "u section #eija4 7b7 ,def9itions ,= purposes ( ?is *apt]-- 7#a7 ,produc] ,! t]m produc] means ! hold] ( ! economic int]e/ ) respect to ! crude oil or natural gas4 7#b7 ,crude oil ,! t]m crude oil includes crude oil cond5sates & natural gasol9e4 7#c7 ,premises & crude oil product ,! t]ms premises & crude oil product h ! same mean+s z :5 us$ = purposes ( det]m9+ gross income f ! prop]ty "u section #fac4 7c7 ,adju/m5t ( removal price ,9 det]m9+ ! removal price ( oil or natural gas f a prop]ty 9 ! case ( any transaction1 ! ,secret>y may adju/ ! removal price to reflect cle>ly ! fair m>ket value ( oil or natural gas remov$4 7d7 ,regulations ,! ,secret>y %all prescribe su* regulations z may be necess>y or appropriate to c>ry out ! purposes ( ?is *apt]4 4 7b7 ,d$uctibility ( tax ,! fir/ s5t5ce ( section #afd7;a7 is am5d$ by ins]t+ aft] p>agraph 7#f7 ! foll[+ new p>agraph3 7#g7 ,! tax impos$ by section #eija7;a7 7aft] application ( section #eija7;b77 on ! sev]ance ( crude oil or natural gas f ! out] ,cont95tal ,%elf 9 ! ,gulf ( ,mexico4 4 7c7 ,cl]ical am5dm5t ,! table ( *apt]s = subtitle ,e is am5d$ by add+ at ! end ! foll[+ new item3 ,*apt] #ef4 ,tax on sev]ance ( crude oil & natural gas f ! out] ,cont95tal ,%elf 9 ! ,gulf ( ,mexico4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to crude oil or natural gas remov$ aft] ,decemb] #ca1 #bjac4 #bi4 ,p[d] ,riv] ,bas9 7a7 ,designation ( ! ,p[d] ,riv] ,bas9 z a coal produc+ region ,! ,director ( ! ,bureau ( ,l& ,managem5t %all designate ! ,p[d] ,riv] ,bas9 z a coal produc+ region4 7b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,director ( ! ,bureau ( ,l& ,managem5t %all submit to ,congress a report t includes-- 7#a7 a /udy ( ! fair m>ket value & ! am\nt ( royalties paid on coal leases 9 ! ,p[d] ,riv] ,bas9 comp>$ to o!r national & int]national coal m>kets2 & 7#b7 any policy recomm5dations to capture ! future m>ket value ( ! coal leases 9 ! ,p[d] ,riv] ,bas94 #cj4 ,reports 7a7 ,def9ition ( fossil-,fuel-,production subsidy ,9 ?is section1 ! t]m subsidy = fossil-fuel production means any direct fund+1 tax treatm5t or inc5tive1 risk-r$uction b5efit1 f9anc+ assi/ance or gu>antee1 royalty relief1 or o!r provision t provides a f9ancial b5efit to a fossil fuel company = ! production ( fossil fuels4 7b7 ,report to ,congress ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury1 9 coord9ation ) ! ,secret>y ( ,en]gy1 %all submit to ,congress a report detail+ ea* ,f$]al law 7includ+ regulations71 o!r ?an ^? am5d$ by ?is ,act1 z 9 effect on ! date on :i* ! report is submitt$1 t includes a subsidy = fossil-fuel production4 7c7 ,report on modifi$ recov]y p]iod 7#a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y1 9 coord9ation ) ! ,commission] ( ,int]nal ,rev5ue1 %all submit to ,congress a report on ! applicable recov]y p]iod "u ! accel]at$ co/ recov]y sy/em provid$ 9 section #afh ( ! ,int]nal ,rev5ue ,code ( #aihf = ea* type ( prop]ty involv$ 9 fossil-fuel production1 includ+ pipel9es1 p[] g5]ation prop]ty1 ref9]ies1 & drill+ equipm5t1 to det]m9e if any assets are receiv+ a subsidy = fossil-fuel production4 7#b7 ,elim9ation ( subsidy ,9 ! case ( any type ( prop]ty t ! ,commission] ( ,int]nal ,rev5ue det]m9es is receiv+ a subsidy = fossil-fuel production "u su* section #afh1 = prop]ty plac$ 9 s]vice 9 taxable ye>s beg9n+ aft] ! date ( su* det]m9ation1 su* section #afh %all n apply4 ,! prec$+ s5t5ce %all n apply to any prop]ty ) respect to a taxable ye> unless su* det]m9ation is publi%$ be=e ! fir/ day ( su* taxable ye>4