,,ii #aafth ,,congress #b;d ,session ,s4 #dhhg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,november #aj1 #bjbj,mr4 ,sanders introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to eliminate certain subsidies for fossil-fuel production4 #a4 ,short title ,this ,act may be cited as the ,end ,polluter ,welfare ,act of #bjbj4 #b4 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title4,sec4 #b4 ,table of contents4,,title ,i--,elimination of subsidies for fossil-fuel production,sec4 #aja4 ,definition of fossil fuel4,sec4 #ajb4 ,royalty ,relief4,sec4 #ajc4 ,royalties under ,mineral ,leasing ,act4,sec4 #ajd4 ,elimination of interest payments for royalty overpayments4,sec4 #aje4 ,removal of limits on liability for offshore facilities and pipeline operators4,sec4 #ajf4 ,restrictions on use of appropriated funds by international financial institutions for projects that support fossil fuel4,sec4 #ajg4 ,fossil ,energy ,research and ,development ,program4,sec4 #ajh4 ,advanced ,research ,projects ,agency--,energy4,sec4 #aji4 ,incentives for innovative technologies4,sec4 #aaj4 ,rural ,utility ,service loan guarantees4,sec4 #aaa4 ,prohibition on use of funds by the ,united ,states ,international ,development ,finance ,corporation or the ,export-,import ,bank of the ,united ,states for financing projects1 transactions1 or other activities that support fossil fuel4,sec4 #aab4 ,transportation funds for grants1 loans1 loan guarantees1 and other direct assistance4,sec4 #aac4 ,elimination of exclusion of certain lenders as owners or operators under ,,cercla4,sec4 #aad4 ,termination of various tax expenditures relating to fossil fuels4,sec4 #aae4 ,termination of certain deductions and credits related to fossil fuels4,sec4 #aaf4 ,uniform seven-year amortization for geological and geophysical expenditures4,sec4 #aag4 ,natural gas gathering lines treated as #ae-year property4,sec4 #aah4 ,termination of last-in1 first-out method of inventory for oil1 natural gas1 and coal companies4,sec4 #aai4 ,repeal of percentage depletion for coal and hard mineral fossil fuels4,sec4 #abj4 ,termination of capital gains treatment for royalties from coal4,sec4 #aba4 ,modifications of foreign tax credit rules applicable to oil and gas industry taxpayers receiving specific economic benefits4,sec4 #abb4 ,increase in oil spill liability trust fund financing rate4,sec4 #abc4 ,application of certain environmental taxes to synthetic crude oil4,sec4 #abd4 ,denial of deduction for removal costs and damages for certain oil spills4,sec4 #abe4 ,tax on crude oil and natural gas produced from the outer ,continental ,shelf in the ,gulf of ,mexico4,sec4 #abf4 ,repeal of corporate income tax exemption for publicly traded partnerships with qualifying income and gains from activities relating to fossil fuels4,sec4 #abg4 ,amortization of qualified tertiary injectant expenses4,sec4 #abh4 ,amortization of development expenditures4,sec4 #abi4 ,amortization of certain mining exploration expenditures4,sec4 #acj4 ,amortization of intangible drilling and development costs in the case of oil and gas wells and geothermal wells4,sec4 #aca4 ,permanent excise tax rate for funding of ,black ,lung ,disability ,trust ,fund4,sec4 #acb4 ,termination of renewable electricity production credit eligibility for refined coal4,sec4 #acc4 ,treatment of foreign oil related income as subpart ,f income4,sec4 #acd4 ,repeal of exclusion of foreign oil and gas extraction income from the determination of tested income4,sec4 #ace4 ,termination of credit for carbon oxide sequestration4,sec4 #acf4 ,powder ,river ,basin4,sec4 #acg4 ,study and elimination of additional fossil fuel subsidies4,,title ,,ii--,additional limitations on certain fossil-fuel production subsidies,sec4 #bja4 ,limitation on certain forms of assistance under the ,,cares ,act4,sec4 #bjb4 ,limitations on banks operating fossil fuel companies4,sec4 #bjc4 ,moratorium on oil and natural gas lease sales1 noncompetitive leases for oil or natural gas1 the issuance of coal leases1 and modifications to certain regulations4,sec4 #bjd4 ,strategic ,petroleum ,reserve4,sec4 #bje4 ,limitation on availability of funds under the ,defense ,production ,act of #aiej4,sec4 #bjf4 ,repeal of royalty relief provisions4,sec4 #bjg4 ,extension of public comment periods and suspension of rulemaking4 ,i ,elimination of subsidies for fossil-fuel production #aja4 ,definition of fossil fuel ,in this ,act1 the term fossil fuel means coal1 petroleum1 natural gas1 or any derivative of coal1 petroleum1 or natural gas that is used for fuel4 #ajb4 ,royalty ,relief 7a7 ,in general 7#a7 ,outer ,continental ,shelf ,lands ,act ,section #h7;a77#c7 of the ,outer ,continental ,shelf ,lands ,act 7#dc ,u4,s4,c4 #accg7;a77#c77 is amended-- 7,a7 by striking subparagraph 7,b72 and 7,b7 by redesignating subparagraph 7,c7 as subparagraph 7,b74 7#b7 ,energy ,policy ,act of #bjje 7,a7 ,incentives for natural gas production from deep wells in the shallow waters of the ,gulf of ,mexico ,section #cdd of the ,energy ,policy ,act of #bjje 7#db ,u4,s4,c4 #aeijd7 is repealed4 7,b7 ,deep water production ,section #cde of the ,energy ,policy ,act of #bjje 7#db ,u4,s4,c4 #aeije7 is repealed4 7b7 ,future provisions ,notwithstanding any other provision of law1 royalty relief shall not be permitted under a lease issued under section #h of the ,outer ,continental ,shelf ,lands ,act 7#dc ,u4,s4,c4 #accg74 #ajc4 ,royalties under ,mineral ,leasing ,act 7a7 ,coal leases ,section #g7;a7 of the ,mineral ,leasing ,act 7#cj ,u4,s4,c4 #bjg7;a77 is amended in the fourth sentence by striking #aba_/b per centum and inserting #ahc_/d percent4 7b7 ,leases on land on which oil or natural gas is discovered ,section #ad of the ,mineral ,leasing ,act 7#cj ,u4,s4,c4 #bbc7 is amended in the fourth sentence by striking #aba_/b per centum and inserting #ahc_/d percent4 7c7 ,leases on land known or believed ,to contain oil or natural gas ,section #ag of the ,mineral ,leasing ,act 7#cj ,u4,s4,c4 #bbf7 is amended-- 7#a7 in subsection 7b7-- 7,a7 in paragraph 7#a77;,a71 in the fifth sentence1 by striking #ab4e percent and inserting #ahc_/d percent2 and 7,b7 in paragraph 7#b77;,a77ii71 by striking #aba_/b per centum and inserting #ahc_/d percent2 7#b7 in subsection 7c77#a71 in the second sentence1 by striking #ab4e percent and inserting #ahc_/d percent2 7#c7 in subsection 7l71 by striking #aba_/b per centum each place it appears and inserting #ahc_/d percent2 and 7#d7 in subsection 7n77#a77;,c71 by striking #aba_/b per centum and inserting #ahc_/d percent4 #ajd4 ,elimination of interest payments for royalty overpayments ,section #aaa of the ,federal ,oil and ,gas ,royalty ,management ,act of #aihb 7#cj ,u4,s4,c4 #agba7 is amended by adding at the end the following3 7k7 ,payment of interest ,interest shall not be paid on any overpayment4 4 #aje4 ,removal of limits on liability for offshore facilities and pipeline operators ,section #ajjd7;a7 of the ,oil ,pollution ,act of #aiij 7#cc ,u4,s4,c4 #bgjd7;a77 is amended-- 7#a7 in paragraph 7#c71 by striking plus #ge1jjj1jjj2 and and inserting and the liability of the responsible party under section #ajjb22 7#b7 in paragraph 7#d7-- 7,a7 by inserting 7except an onshore pipeline transporting diluted bitumen1 bituminous mixtures1 or any oil manufactured from bitumen7 after for any onshore facility2 and 7,b7 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7#e7 for any onshore facility transporting diluted bitumen1 bituminous mixtures1 or any oil manufactured from bitumen1 the liability of the responsible party under section #ajjb4 4 #ajf4 ,restrictions on use of appropriated funds by international financial institutions for projects that support fossil fuel 7a7 ,rescission of unobligated funds 7#a7 ,in general ,of the unobligated balance of amounts appropriated or otherwise made available for a contribution of the ,united ,states to an international financial institution1 an amount specified in paragraph 7#b7 shall be rescinded if the institution provides support for a project that supports the production or use of fossil fuels4 7#b7 ,amount specified ,the amount specified in this paragraph is an amount the ,secretary of the ,treasury determines to be equivalent to the amount of support provided by an international financial institution described in paragraph 7#a7 for a project that supports the production or use of fossil fuels4 7b7 ,prohibition on use of future funds ,no amounts appropriated or otherwise made available for a contribution of the ,united ,states to an international financial institution may be provided to the institution unless the institution agrees to not use the amount to provide support for any project that supports the production or use of fossil fuels4 7c7 ,international financial institution defined ,in this section1 the term international financial institution has the meaning given that term in section #agja7;c7 of the ,international ,financial ,institutions ,act 7#bb ,u4,s4,c4 #bfbr7c774 #ajg4 ,fossil ,energy ,research and ,development ,program 7a7 ,termination of authority ,notwithstanding any other provision of law1 the authority of the ,secretary of ,energy to carry out the ,fossil ,energy ,research and ,development ,program of the ,department of ,energy is terminated4 7b7 ,rescission ,notwithstanding any other provision of law-- 7#a7 all amounts made available for the ,fossil ,energy ,research and ,development ,program that remain unobligated as of the date of enactment of this ,act are rescinded2 and 7#b7 no amounts made available after the date of enactment of this ,act for the ,fossil ,energy ,research and ,development ,program shall be expended1 other than such amounts as are necessary to cover costs incurred in terminating ongoing research of the ,fossil ,energy ,research and ,development ,program1 as determined by the ,secretary of ,energy1 in consultation with other appropriate ,federal agencies4 #ajh4 ,advanced ,research ,projects ,agency--,energy ,none of the funds made available to the ,advanced ,research ,projects ,agency--,energy shall be used to carry out any project that supports fossil fuel4 #aji4 ,incentives for innovative technologies 7a7 ,in general ,section #agjc of the ,energy ,policy ,act of #bjje 7#db ,u4,s4,c4 #afeac7 is amended-- 7#a7 in subsection 7b7-- 7,a7 by striking paragraph 7#b72 7,b7 by redesignating paragraphs 7#c7 through 7#i7 as paragraphs 7#b7 through 7#h71 respectively2 and 7,c7 by striking paragraph 7#aj72 7#b7 by striking subsection 7c72 and 7#c7 by redesignating subsections 7d7 and 7e7 as subsections 7c7 and 7d71 respectively4 7b7 ,conforming amendment ,section #agjd of the ,energy ,policy ,act of #bjje 7#db ,u4,s4,c4 #afead7 is amended-- 7#a7 by striking the section designation and heading and all that follows through ,there are in subsection 7a7 and inserting the following3 #agjd4 ,authorization of appropriations ,there are 2 and 7#b7 by striking subsection 7b74 #aaj4 ,rural ,utility ,service loan guarantees ,notwithstanding any other provision of law1 the ,secretary of ,agriculture may not make a loan under title ,,iii of the ,rural ,electrification ,act of #aicf 7#g ,u4,s4,c4 #ica et seq47 to an applicant for the purpose of carrying out any project that will use fossil fuel4 #aaa4 ,prohibition on use of funds by the ,united ,states ,international ,development ,finance ,corporation or the ,export-,import ,bank of the ,united ,states for financing projects1 transactions1 or other activities that support fossil fuel ,notwithstanding any other provision of law1 no amounts appropriated or otherwise made available for the ,united ,states ,international ,development ,finance ,corporation or the ,export-,import ,bank of the ,united ,states that are available for obligation on or after the date of the enactment of this ,act may be obligated or expended to support any project1 transaction1 or other activity that supports the production or use of fossil fuels4 #aab4 ,transportation funds for grants1 loans1 loan guarantees1 and other direct assistance ,notwithstanding any other provision of law1 any amounts made available to the ,department of ,transportation 7including the ,federal ,railroad ,administration7 may not be used to award any grant1 loan1 loan guarantee1 or provide any other direct assistance to any rail facility or port project that transports fossil fuel4 #aac4 ,elimination of exclusion of certain lenders as owners or operators under ,,cercla ,section #aja7bj77;,f7 of the ,comprehensive ,environmental ,response1 ,compensation1 and ,liability ,act of #aihj 7#db ,u4,s4,c4 #ifja7bj77;,f77 is amended by adding at the end the following3 7iii7 ,ineligible lenders ,the exclusions under clauses 7i7 and 7ii7 shall not apply to a person that is a lender that is-- 7,i7 an investment company registered under the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq471 investment adviser 7as defined in section #bjb7;a7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#b7;a7771 or broker or dealer 7as those terms are defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a777 with #bej1jjj1jjj1jjj or more in assets under management2 or 7,,ii7 a bank holding company 7as defined in section #b of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda77 with #aj1jjj1jjj1jjj or more in total consolidated assets4 4 #aad4 ,termination of various tax expenditures relating to fossil fuels 7a7 ,in general ,subchapter ,c of chapter #hj of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #ghge4 ,termination of certain provisions relating to fossil-fuel incentives 7a7 ,in general ,the following provisions shall not apply to taxable years beginning after the date of the enactment of the ,end ,polluter ,welfare ,act of #bjbj3 7#a7 ,section #dc 7relating to enhanced oil recovery credit74 7#b7 ,section #de;,i 7relating to credit for producing oil and natural gas from marginal wells74 7#c7 ,section #dfa7;i77#b7 7relating to special rule for spudding of oil or natural gas wells74 7#d7 ,section #dfi7;c77#c77;,a7 7relating to working interests in oil and natural gas property74 7#e7 ,section #fac;,a 7relating to limitations on percentage depletion in case of oil and natural gas wells74 7b7 ,provisions relating to property ,the following provisions shall not apply to property placed in service after the date of the enactment of the ,end ,polluter ,welfare ,act of #bjbj3 7#a7 ,section #afh7;e77#c77;,c77iii7 7relating to classification of certain property74 7#b7 ,section #afi 7relating to amortization of pollution control facilities7 with respect to any atmospheric pollution control facility4 7c7 ,provisions relating to costs and expenses ,the following provisions shall not apply to costs or expenses paid or incurred after the date of the enactment of the ,end ,polluter ,welfare ,act of #bjbj3 7#a7 ,section #agi;,b 7relating to deduction for capital costs incurred in complying with ,environmental ,protection ,agency sulfur regulations74 7#b7 ,section #dfh 7relating to special rules for mining and solid waste reclamation and closing costs74 7d7 ,allocated credits ,no new credits shall be certified under section #dh;,a 7relating to qualifying advanced coal project credit7 or section #dh;,b 7relating to qualifying gasification project credit7 after the date of the enactment of the ,end ,polluter ,welfare ,act of #bjbj4 7e7 ,arbitrage bonds ,section #adh7;b77#d7 7relating to safe harbor for prepaid natural gas7 shall not apply to obligations issued after the date of the enactment of the ,end ,polluter ,welfare ,act of #bjbj4 4 7b7 ,conforming amendments 7#a7 ,section #fac7;d7 of the ,internal ,revenue ,code of #aihf is amended by striking ,except as provided in section #fac;,a1 in the case and inserting ,in the case4 7#b7 ,the table of sections for subchapter ,c of chapter #ij of such ,code is amended by adding at the end the following new item3 ,sec4 #ghge4 ,termination of certain provisions relating to fossil-fuel incentives4 4 #aae4 ,termination of certain deductions and credits related to fossil fuels 7a7 ,special allowance for certain property ,section #afh7k7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7#aa7 ,fossil fuel property 7,a7 ,in general ,this subsection shall not apply with respect to any property which is primarily used for fossil fuel activities and is placed in service during any taxable year beginning after the date of the enactment of the ,end ,polluter ,welfare ,act of #bjbj4 7,b7 ,fossil fuel activities ,for purposes of this paragraph1 the term fossil fuel activities means the exploration1 development1 mining or production1 processing1 refining1 transportation 7including pipelines transporting gas1 oil1 or products thereof71 distribution1 or marketing of coal1 petroleum1 natural gas1 or any derivative of coal1 petroleum1 or natural gas that is used for fuel4 7,c7 ,exception ,the property described in subparagraph 7,a7 shall not include any motor vehicle service station or convenience store which does not qualify as a retail motor fuels outlet under subsection 7e77#c77;,e77iii74 4 7b7 ,qualified business income ,section #aii;,a7c77#c77;,b7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7viii7 ,any item of gain or loss derived from fossil fuel activities 7as defined in section #afh7k77#aa77;,b77 during any taxable year beginning after the date of the enactment of the ,end ,polluter ,welfare ,act of #bjbj4 4 7c7 ,credit for increasing research activities ,section #da7;d77#d7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7,i7 ,fossil fuel activities ,any research related to fossil fuel activities 7as defined in section #afh7k77#aa77;,b77 which is conducted after the date of the enactment of the ,end ,polluter ,welfare ,act of #bjbj4 4 7d7 ,foreign-,derived intangible income ,subclause 7,v7 of section #bej7;b77#c77;,a77i7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7,v7 any income derived from fossil fuel activities 7as defined in section #afh7k77#aa77;,b77 during any taxable year beginning after the date of the enactment of the ,end ,polluter ,welfare ,act of #bjbj1 and 4 7e7 ,exchange of real property held for productive use or investment ,section #ajca7;a77#b7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7#b7 ,exceptions ,this subsection shall not apply to-- 7,a7 any exchange of real property held primarily for sale1 or 7,b7 any exchange of real property which-- 7i7 is used for fossil fuel activities 7as defined in section #afh7k77#aa77;,b771 and 7ii7 occurs after the date of the enactment of the ,end ,polluter ,welfare ,act of #bjbj4 4 #aaf4 ,uniform seven-year amortization for geological and geophysical expenditures 7a7 ,in general ,section #afg7;h7 of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by striking #bd-month period each place it appears in paragraphs 7#a7 and 7#d7 and inserting #hd-month period2 7#b7 by striking paragraph 7#b7 and inserting the following3 7#b7 ,mid-month convention ,for purposes of paragraph 7#a71 any payment paid or incurred during any month shall be treated as paid or incurred on the mid-point of such month4 2 and 7#c7 by striking paragraph 7#e74 7b7 ,effective date ,the amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this ,act4 #aag4 ,natural gas gathering lines treated as #ae-year property 7a7 ,in general ,section #afh7;e77#c77;,e7 of the ,internal ,revenue ,code of #aihf is amended by striking and at the end of clause 7v71 by striking the period at the end of clause 7vi7 and inserting 1 and1 and by adding at the end the following new clause3 7vii7 any natural gas gathering line the original use of which commences with the taxpayer after the date of the enactment of this clause4 4 7b7 ,alternative system ,the table contained in section #afh7;g77#c77;,b7 of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to subparagraph 7,e77vi7 the following new item3 7,e77vii7#bb 4 7c7 ,conforming amendment ,clause 7iv7 of section #afh7;e77#c77;,c7 of the ,internal ,revenue ,code of #aihf is amended by inserting and on or before the date of the enactment of the ,end ,polluter ,welfare ,act of #bjbj after ,april #aa1 #bjje4 7d7 ,effective date 7#a7 ,in general ,the amendments made by this section shall apply to property placed in service on and after the date of the enactment of this ,act4 7#b7 ,exception ,the amendments made by this section shall not apply to any property with respect to which the taxpayer or a related party has entered into a binding contract for the construction thereof on or before the date of the introduction of this ,act1 or1 in the case of self-constructed property1 has started construction on or before such date4 #aah4 ,termination of last-in1 first-out method of inventory for oil1 natural gas1 and coal companies 7a7 ,in general ,section #dgb of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7h7 ,termination for oil1 natural gas1 and coal companies ,subsection 7a7 shall not apply to any taxpayer that is in the trade or business of the production1 refining1 processing1 transportation1 or distribution of oil1 natural gas1 or coal for any taxable year beginning after the date of enactment of the ,end ,polluter ,welfare ,act of #bjbj4 4 7b7 ,additional termination ,section #dgc of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7h7 ,termination for oil1 natural gas1 and coal companies ,this section shall not apply to any taxpayer that is in the trade or business of the production1 refining1 processing1 transportation1 or distribution of oil1 natural gas1 or coal for any taxable year beginning after the date of enactment of the ,end ,polluter ,welfare ,act of #bjbj4 4 7c7 ,change in method of accounting ,in the case of any taxpayer required by the amendments made by this section to change its method of accounting for its first taxable year beginning after the date of enactment of this ,act-- 7#a7 such change shall be treated as initiated by the taxpayer2 and 7#b7 such change shall be treated as made with the consent of the ,secretary of the ,treasury4 7d7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after the date of enactment of this ,act4 #aai4 ,repeal of percentage depletion for coal and hard mineral fossil fuels 7a7 ,in general ,section #fac of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7f7 ,termination with respect to coal and hard mineral fossil fuels ,in the case of coal1 lignite1 and oil shale 7other than oil shale described in subsection 7b77#e771 the allowance for depletion shall be computed without reference to this section for any taxable year beginning after the date of the enactment of the ,end ,polluter ,welfare ,act of #bjbj4 4 7b7 ,conforming amendments 7#a7 ,coal and lignite ,section #fac7;b77#d7 of the ,internal ,revenue ,code of #aihf is amended by striking coal1 lignite14 7#b7 ,oil shale ,section #fac7;b77#b7 of such ,code is amended to read as follows3 7#b7 #ae percent ,if1 from deposits in the ,united ,states1 gold1 silver1 copper1 and iron ore4 4 7c7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4 #abj4 ,termination of capital gains treatment for royalties from coal 7a7 ,in general ,subsection 7c7 of section #fca of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by striking coal 7including lignite71 or iron ore and inserting iron ore2 7#b7 by striking coal or iron ore each place it appears and inserting iron ore2 7#c7 by striking iron ore or coal each place it appears and inserting iron ore2 and 7#d7 by striking coal or in the heading4 7b7 ,conforming amendments 7#a7 ,the heading of section #fca of the ,internal ,revenue ,code of #aihf is amended by striking 1 coal14 7#b7 ,section #abca7;b77#b7 of such ,code is amended by striking 1 coal14 7c7 ,effective date ,the amendments made by this section shall apply to dispositions after the date of the enactment of this ,act4 #aba4 ,modifications of foreign tax credit rules applicable to oil and gas industry taxpayers receiving specific economic benefits 7a7 ,in general ,section #ija of the ,internal ,revenue ,code of #aihf is amended by redesignating subsection 7n7 as subsection 7o7 and by inserting after subsection 7m7 the following new subsection3 7n7 ,special rules relating to dual capacity taxpayers 7#a7 ,general rule ,notwithstanding any other provision of this chapter1 any amount paid or accrued to a foreign country or possession of the ,united ,states for any period by a dual capacity taxpayer which is in the trade or business of the production1 refining1 processing1 transportation1 or distribution of fossil fuel shall not be considered a tax-- 7,a7 if1 for such period1 the foreign country or possession does not impose a generally applicable income tax1 or 7,b7 to the extent such amount exceeds the amount 7determined in accordance with regulations7 which-- 7i7 is paid by such dual capacity taxpayer pursuant to the generally applicable income tax imposed by the country or possession1 or 7ii7 would be paid if no amount other than the amount required to be paid by such taxpayer under the generally applicable income tax imposed by the country or possession were paid or accrued by such dual capacity taxpayer4 ,nothing in this paragraph shall be construed to imply the proper treatment of any such amount not in excess of the amount determined under subparagraph 7,b74 7#b7 ,dual capacity taxpayer ,for purposes of this subsection1 the term dual capacity taxpayer means1 with respect to any foreign country or possession of the ,united ,states1 a person who-- 7,a7 is subject to a levy of such country or possession1 and 7,b7 receives 7or will receive7 directly or indirectly a specific economic benefit 7as determined in accordance with regulations7 from such country or possession4 7#c7 ,generally applicable income tax ,for purposes of this subsection-- 7,a7 ,in general ,the term generally applicable income tax means an income tax 7or a series of income taxes7 which is generally imposed under the laws of a foreign country or possession on income derived from the conduct of a trade or business within such country or possession4 7,b7 ,exceptions ,such term shall not include a tax unless it has substantial application1 by its terms and in practice1 to-- 7i7 persons who are not dual capacity taxpayers1 and 7ii7 persons who are-- 7,i7 citizens or residents of the foreign country or possession1 or 7,,ii7 organized or incorporated under the laws of the foreign country or possession4 7#d7 ,fossil fuel ,for purposes of this subsection1 the term fossil fuel means coal1 petroleum1 natural gas1 or any derivative of coal1 petroleum1 or natural gas that is used for fuel4 4 7b7 ,effective date ,the amendments made by this section shall apply to taxes paid or accrued in taxable years beginning after the date of the enactment of this ,act4 7c7 ,special rule for treaties ,notwithstanding sections #hid or #gheb7;d7 of the ,internal ,revenue ,code of #aihf1 the amendments made by this section shall apply without regard to any treaty obligation of the ,united ,states4 #abb4 ,increase in oil spill liability trust fund financing rate 7a7 ,in general ,section #dfaa of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 in subsection 7c77#b77;,b7-- 7,a7 in clause 7i71 by striking and at the end2 7,b7 in clause 7ii71 by striking the period at the end and inserting 1 and2 and 7,c7 by adding at the end the following3 7iii7 in the case of crude oil received or petroleum products entered after ,december #ca1 #bjbj1 #aj cents a barrel4 2 and 7#b7 by striking subsection 7f7 and inserting the following3 7f7 ,application of ,oil ,spill ,liability ,trust ,fund financing rate ,the ,oil ,spill ,liability ,trust ,fund financing rate under subsection 7c7 shall apply on and after ,april #a1 #bjjf1 or if later1 the date which is #cj days after the last day of any calendar quarter for which the ,secretary estimates that1 as of the close of that quarter1 the unobligated balance in the ,oil ,spill ,liability ,trust ,fund is less than #b1jjj1jjj1jjj4 4 7b7 ,effective date ,the amendments made by this section shall apply to crude oil received and petroleum products entered after the date of the enactment of this ,act4 #abc4 ,application of certain environmental taxes to synthetic crude oil 7a7 ,in general ,paragraph 7#a7 of section #dfab7;a7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7#a7 ,crude oil 7,a7 ,in general ,the term crude oil includes crude oil condensates1 natural gasoline1 and synthetic crude oil4 7,b7 ,synthetic crude oil ,for purposes of subparagraph 7,a71 the term synthetic crude oil means-- 7i7 any bitumen and bituminous mixtures1 7ii7 any oil derived from bitumen and bituminous mixtures 7including oil derived from tar sands71 7iii7 any liquid fuel derived from coal1 and 7iv7 any oil derived from kerogen-bearing sources 7including oil derived from oil shale74 4 7b7 ,regulatory authority ,to address other types of crude oil and petroleum products ,subsection 7a7 of section #dfab of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7#aj7 ,regulatory authority to address other types of crude oil and petroleum products ,under such regulations as the ,secretary may prescribe1 the ,secretary may include as crude oil or as a petroleum product subject to tax under section #dfaa1 any fuel feedstock or finished fuel product customarily transported by pipeline1 vessel1 railcar1 or tanker truck if the ,secretary determines that-- 7,a7 the classification of such fuel feedstock or finished fuel product is consistent with the definition of oil under the ,oil ,pollution ,act of #aiij1 and 7,b7 such fuel feedstock or finished fuel product is produced in sufficient commercial quantities as to pose a significant risk of hazard in the event of a discharge4 4 7c7 ,technical amendment ,paragraph 7#b7 of section #dfab7;a7 of the ,internal ,revenue ,code of #aihf is amended by striking from a well located4 7d7 ,effective date ,the amendments made by this section shall apply to oil and petroleum products received or entered during calendar quarters beginning more than #fj days after the date of the enactment of this ,act4 #abd4 ,denial of deduction for removal costs and damages for certain oil spills 7a7 ,in general ,section #afb7;f7 of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by redesignating paragraph 7#e7 as paragraph 7#f72 and 7#b7 by inserting after paragraph 7#d7 the following3 7#e7 ,expenses for removal costs and damages relating to certain oil spill liability ,notwithstanding paragraphs 7#b7 and 7#c71 no deduction shall be allowed under this chapter for any costs or damages for which the taxpayer is liable under section #ajjb of the ,oil ,pollution ,act of #aiij 7#cc ,u4,s4,c4 #bgjb7 4 7b7 ,effective date ,the amendments made by this section shall apply with respect to any liability arising in taxable years ending after the date of the enactment of this ,act4 #abe4 ,tax on crude oil and natural gas produced from the outer ,continental ,shelf in the ,gulf of ,mexico 7a7 ,in general ,subtitle ,e of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new chapter3 #ef ,tax on severance of crude oil and natural gas from the outer ,continental ,shelf in the ,gulf of ,mexico ,sec4 #eija4 ,imposition of tax4,sec4 #eijb4 ,taxable crude oil or natural gas and removal price4,sec4 #eijc4 ,special rules and definitions4 #eija4 ,imposition of tax 7a7 ,in general ,in addition to any other tax imposed under this title1 there is hereby imposed a tax equal to #ac percent of the removal price of any taxable crude oil or natural gas removed from the premises during any taxable period4 7b7 ,credit for ,federal royalties paid 7#a7 ,in general ,there shall be allowed as a credit against the tax imposed by subsection 7a7 with respect to the production of any taxable crude oil or natural gas an amount equal to the aggregate amount of royalties paid under ,federal law with respect to such production4 7#b7 ,limitation ,the aggregate amount of credits allowed under paragraph 7#a7 to any taxpayer for any taxable period shall not exceed the amount of tax imposed by subsection 7a7 for such taxable period4 7c7 ,tax paid by producer ,the tax imposed by this section shall be paid by the producer of the taxable crude oil or natural gas4 #eijb4 ,taxable crude oil or natural gas and removal price 7a7 ,taxable crude oil or natural gas ,for purposes of this chapter1 the term taxable crude oil or natural gas means crude oil or natural gas which is produced from ,federal submerged lands on the outer ,continental ,shelf in the ,gulf of ,mexico pursuant to a lease entered into with the ,united ,states which authorizes the production4 7b7 ,removal price ,for purposes of this chapter-- 7#a7 ,in general ,except as otherwise provided in this subsection1 the term removal price means-- 7,a7 in the case of taxable crude oil1 the amount for which a barrel of such crude oil is sold1 and 7,b7 in the case of taxable natural gas1 the amount per #a1jjj cubic feet for which such natural gas is sold4 7#b7 ,sales between related persons ,in the case of a sale between related persons1 the removal price shall not be less than the constructive sales price for purposes of determining gross income from the property under section #fac4 7#c7 ,oil or natural gas removed from property before sale ,if crude oil or natural gas is removed from the property before it is sold1 the removal price shall be the constructive sales price for purposes of determining gross income from the property under section #fac4 7#d7 ,refining begun on property ,if the manufacture or conversion of crude oil into refined products begins before such oil is removed from the property-- 7,a7 such oil shall be treated as removed on the day such manufacture or conversion begins1 and 7,b7 the removal price shall be the constructive sales price for purposes of determining gross income from the property under section #fac4 7#e7 ,property ,the term property has the meaning given such term by section #fad4 #eijc4 ,special rules and definitions 7a7 ,administrative requirements 7#a7 ,withholding and deposit of tax ,the ,secretary shall provide for the withholding and deposit of the tax imposed under section #eija on a quarterly basis4 7#b7 ,records and information ,each taxpayer liable for tax under section #eija shall keep such records1 make such returns1 and furnish such information 7to the ,secretary and to other persons having an interest in the taxable crude oil or natural gas7 with respect to such oil as the ,secretary may by regulations prescribe4 7#c7 ,taxable periods2 return of tax 7,a7 ,taxable period ,except as provided by the ,secretary1 each calendar year shall constitute a taxable period4 7,b7 ,returns ,the ,secretary shall provide for the filing1 and the time for filing1 of the return of the tax imposed under section #eija4 7b7 ,definitions ,for purposes of this chapter-- 7#a7 ,producer ,the term producer means the holder of the economic interest with respect to the crude oil or natural gas4 7#b7 ,crude oil ,the term crude oil includes crude oil condensates and natural gasoline4 7#c7 ,premises and crude oil product ,the terms premises and crude oil product have the same meanings as when used for purposes of determining gross income from the property under section #fac4 7c7 ,adjustment of removal price ,in determining the removal price of oil or natural gas from a property in the case of any transaction1 the ,secretary may adjust the removal price to reflect clearly the fair market value of oil or natural gas removed4 7d7 ,regulations ,the ,secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this chapter4 4 7b7 ,deductibility of tax ,the first sentence of section #afd7;a7 of the ,internal ,revenue ,code of #aihf is amended by inserting after paragraph 7#d7 the following new paragraph3 7#e7 ,the tax imposed by section #eija7;a7 7after application of section #eija7;b77 on the severance of crude oil or natural gas from the outer ,continental ,shelf in the ,gulf of ,mexico4 4 7c7 ,clerical amendment ,the table of chapters for subtitle ,e is amended by adding at the end the following new item3 ,chapter #ef4 ,tax on severance of crude oil and natural gas from the outer ,continental ,shelf in the ,gulf of ,mexico4 4 7d7 ,effective date ,the amendments made by this section shall apply to crude oil or natural gas removed after ,december #ca1 #bjbj4 #abf4 ,repeal of corporate income tax exemption for publicly traded partnerships with qualifying income and gains from activities relating to fossil fuels 7a7 ,in general ,section #ggjd7;d77#a7 of the ,internal ,revenue ,code of #aihf is amended by inserting or any coal1 petroleum1 natural gas1 or any derivative of coal1 petroleum1 or natural gas that is used for fuel after section #fac7;b77#g74 7b7 ,effective date ,the amendment made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4 #abg4 ,amortization of qualified tertiary injectant expenses 7a7 ,in general ,section #aic of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by striking subsection 7a7 and inserting the following3 7a7 ,amortization of qualified tertiary injectant expenses 7#a7 ,in general ,any qualified tertiary injectant expenses paid or incurred by the taxpayer shall be allowed as a deduction ratably over the #hd-month period beginning on the date that such expense was paid or incurred4 7#b7 ,mid-month convention ,for purposes of paragraph 7#a71 any expenses paid or incurred during any month shall be treated as paid or incurred on the mid-point of such month4 2 and 7#b7 by striking subsection 7c7 and inserting the following3 7c7 ,exclusive method ,except as provided in this section1 no depreciation or amortization deduction shall be allowed with respect to qualified tertiary injectant expenses4 4 7b7 ,effective date ,the amendments made by this section shall apply to expenses paid or incurred in taxable years beginning after the date of the enactment of this ,act4 #abh4 ,amortization of development expenditures 7a7 ,in general ,section #faf of the ,internal ,revenue ,code of #aihf is amended to read as follows3 #faf4 ,amortization of development expenditures 7a7 ,in general ,any expenditures paid or incurred for the development of a mine or other natural deposit 7other than an oil or gas well7 if paid or incurred after the existence of ores or minerals in commercially marketable quantities has been disclosed shall be allowed as a deduction ratably over the #hd-month period beginning on the date that such expenditure was paid or incurred4 7b7 ,mid-,month convention ,for purposes of subsection 7a71 any expenditures paid or incurred during any month shall be treated as paid or incurred on the mid-point of such month4 7c7 ,exclusive method ,except as provided in this section1 no depreciation or amortization deduction shall be allowed with respect to expenditures described in subsection 7a74 7d7 ,treatment upon abandonment ,if any property with respect to which expenditures described in subsection 7a7 are paid or incurred is retired or abandoned during the #hd-month period described in such subsection1 no deduction shall be allowed on account of such retirement or abandonment and the amortization deduction under this section shall continue with respect to such payment4 4 7b7 ,conforming amendments 7#a7 ,the item relating to section #faf in the table of sections for part ,i of subchapter ,i of chapter #a of the ,internal ,revenue ,code of #aihf is amended to read as follows3 ,sec4 #faf4 ,amortization of development expenditures4 4 7#b7 ,section #ef7;a77#b77;,a7 of such ,code is amended by striking #faf7;a7 or4 7#c7 ,section #ei7;e7 of such ,code is amended-- 7,a7 in paragraph 7#b7-- 7i7 in subparagraph 7,c71 by inserting or at the end2 7ii7 by striking subparagraph 7,d72 and 7iii7 by redesignating subparagraph 7,e7 as subparagraph 7,d72 and 7,b7 in paragraph 7#e77;,a71 by striking 1 #faf7;a714 7#d7 ,section #bfc7;a77#a7 of such ,code is amended by striking subparagraph 7,a74 7#e7 ,section #bfc;,a7c77#c7 of such ,code is amended by striking #faf14 7#f7 ,section #bia7;b7 of such ,code is amended-- 7,a7 in paragraph 7#a77;,b71 by striking #faf7;a7 or2 7,b7 in paragraph 7#b71 by striking 1 #faf7;a712 and 7,c7 in paragraph 7#c71 by striking 1 #faf7;a714 7#g7 ,section #cab7n77#b77;,b7 of such ,code is amended by striking #faf7;a7 or4 7#h7 ,section #cha7;c7 of such ,code is amended by striking paragraph 7#aj74 7#i7 ,section #ajaf7;a7 of such ,code is amended by striking paragraph 7#i74 7#aj7 ,section #abed7;a77#a77;,a77i7 of such ,code is amended by striking 1 #faf14 7c7 ,effective date ,the amendments made by this section shall apply to expenditures paid or incurred in taxable years beginning after the date of the enactment of this ,act4 #abi4 ,amortization of certain mining exploration expenditures 7a7 ,in general ,section #fag of the ,internal ,revenue ,code of #aihf is amended to read as follows3 #fag4 ,amortization of certain mining exploration expenditures 7a7 ,in general ,any expenditures paid or incurred for the purpose of ascertaining the existence1 location1 extent1 or quality of any deposit of ore or other mineral1 and paid or incurred before the beginning of the development stage of the mine1 shall be allowed as a deduction ratably over the #hd-month period beginning on the date that such expense was paid or incurred4 7b7 ,mid-,month convention ,for purposes of subsection 7a71 any expenditures paid or incurred during any month shall be treated as paid or incurred on the mid-point of such month4 7c7 ,exclusive method ,except as provided in this section1 no depreciation or amortization deduction shall be allowed with respect to expenditures described in subsection 7a74 7d7 ,treatment upon abandonment ,if any property with respect to which expenditures described in subsection 7a7 are paid or incurred is retired or abandoned during the #hd-month period described in such subsection1 no deduction shall be allowed on account of such retirement or abandonment and the amortization deduction under this section shall continue with respect to such payment4 4 7b7 ,conforming amendments 7#a7 ,the item relating to section #fag in the table of sections for part ,i of subchapter ,i of chapter #a of the ,internal ,revenue ,code of #aihf is amended to read as follows3 ,sec4 #fag4 ,amortization of certain mining exploration expenditures4 4 7#b7 ,section #ef7;a7 of such ,code1 as amended by section #abh7;b77#b71 is amended by striking paragraph 7#b74 7#c7 ,section #ei7;e7 of such ,code1 as amended by section #abh7;b77#c71 is amended-- 7,a7 in paragraph 7#b7-- 7i7 in subparagraph 7,b71 by inserting or at the end2 7ii7 in subparagraph 7,c71 by striking the comma at the end and inserting a period2 and 7iii7 by striking subparagraph 7,d72 and 7,b7 by striking paragraph 7#e7 and inserting the following3 7#e7 ,dispositions ,in the case of any disposition of property to which section #abed applies 7determined without regard to this section71 any deduction under paragraph 7#a7 with respect to amounts which are allocable to such property shall1 for purposes of section #abed1 be treated as a deduction allowable under section #bfc7;c74 4 7#d7 ,section #agj7;e7 of such ,code is amended-- 7,a7 in paragraph 7#a71 by striking #fag7;d77#a712 and 7,b7 in paragraph 7#c77;,d71 by striking #fag14 7#e7 ,section #bfc;,a7c77#c7 of such ,code1 as amended by section #abh7;b77#e71 is amended by striking #bia7;b77#b71 or #fag and inserting or #bia7;b77#b74 7#f7 ,section #bia7;b7 of such ,code1 as amended by section #abh7;b77#f71 is amended-- 7,a7 in the heading1 by striking and mineral exploration and development costs2 7,b7 by striking paragraph 7#a7 and inserting the following3 7#a7 ,in general ,in the case of an integrated oil company1 the amount allowable as a deduction for any taxable year 7determined without regard to this section7 under section #bfc7;c7 shall be reduced by #cj percent4 2 7,c7 in paragraph 7#b71 by striking or #fag7;a7 7as the case may be72 and 7,d7 in paragraph 7#c71 by striking or #fag7;a7 7whichever is appropriate74 7#g7 ,section #cab7n71 as amended by section #abh7;b77#g71 is amended by striking paragraph 7#b7 and inserting the following3 7#b7 ,intangible drilling costs ,any amount allowable as a deduction under section #bfc7;c7 in determining taxable income 7other than costs incurred in connection with a nonproductive well7-- 7,a7 shall be capitalized1 and 7,b7 shall be allowed as a deduction ratably over the #fj-month period beginning with the month in which such amount was paid or incurred4 4 7#h7 ,section #gjc7;b7 of such ,code is amended-- 7,a7 in paragraph 7#a71 by adding or at the end2 7,b7 by striking paragraph 7#b72 and 7,c7 by redesignating paragraph 7#c7 as paragraph 7#b74 7#i7 ,section #gea7;c7 of such ,code is amended-- 7,a7 by inserting 1 as in effect on the day before the date of the enactment of the ,end ,polluter ,welfare ,act of #bjbj after section #fag7;f77#b72 and 7,b7 by striking #fag7;d77#a714 7#aj7 ,section #abed7;a77#a77;,a77i7 of such ,code1 as amended by section #abh7;b77#aj71 is amended by striking or #fag4 7#aa7 ,paragraph 7#b7 of section #acfc7;c7 of such ,code is amended to read as follows3 7#b7 ,exception ,in the case of an ,s corporation1 elections under section #ija 7relating to taxes of foreign countries and possessions of the ,united ,states7 shall be made by each shareholder separately4 4 7c7 ,effective date ,the amendments made by this section shall apply to expenditures paid or incurred in taxable years beginning after the date of the enactment of this ,act4 #acj4 ,amortization of intangible drilling and development costs in the case of oil and gas wells and geothermal wells 7a7 ,in general ,subsection 7c7 of section #bfc of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7c7 ,intangible drilling and development costs in the case of oil and gas wells and geothermal wells ,notwithstanding subsection 7a71 and except as provided in subsection 7i71 in the case of any expenses paid or incurred in connection with intangible drilling and development costs related to oil and gas wells and wells drilled for any geothermal deposit 7as defined in section #fac7;e77#b77-- 7#a7 such expenses shall be allowed as a deduction ratably over the #hd-month period beginning on the date that such expense was paid or incurred1 7#b7 any such expenses paid or incurred during any month shall be treated as paid or incurred on the mid-point of such month1 7#c7 except as provided in this subsection1 no depreciation or amortization deduction shall be allowed with respect to such expenses1 and 7#d7 if any property with respect to which such intangible drilling and development costs are paid or incurred is retired or abandoned during such #hd-month period1 no deduction shall be allowed on account of such retirement or abandonment and the amortization deduction under this subsection shall continue with respect to such payment4 4 7b7 ,conforming amendments 7#a7 ,section #eg7;a77#b77;,b77i7 of the ,internal ,revenue ,code of #aihf is amended by striking #bfc7;c7 or4 7#b7 ,section #ei7;e7 of such ,code1 as amended by sections #abh and #abi1 is amended-- 7,a7 in paragraph 7#b7-- 7i7 in subparagraph 7,a71 by inserting or at the end2 7ii7 in subparagraph 7,b71 by striking the comma at the end and inserting a period2 and 7iii7 by striking subparagraph 7,c72 and 7,b7 by striking paragraph 7#e74 7#c7 ,section #bfc;,a7c77#c7 of such ,code1 as amended by sections #abh and #abi1 is amended by striking #bfc7;c714 7#d7 ,section #bia of such ,code1 as amended by sections #abh and #abi1 is amended by striking subsection 7b74 7#e7 ,section #cab7n7 of such ,code1 as amended by sections #abh and #abi1 is amended by striking paragraph 7#b74 7c7 ,effective date ,the amendments made by this section shall apply to expenditures paid or incurred in taxable years beginning after the date of the enactment of this ,act4 #aca4 ,permanent excise tax rate for funding of ,black ,lung ,disability ,trust ,fund 7a7 ,in general ,section #daba of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 in subsection 7b7-- 7,a7 in paragraph 7#a71 by striking #a4aj and inserting #a4ch2 and 7,b7 in paragraph 7#b71 by striking #j4ee and inserting #j4fi2 and 7#b7 by striking subsection 7e74 7b7 ,effective date ,the amendments made by this section shall apply on and after the first day of the first calendar month beginning after the date of the enactment of this ,act4 #acb4 ,termination of renewable electricity production credit eligibility for refined coal ,section #de7;e77#h77;,a77ii77,,ii7 of the ,internal ,revenue ,code of #aihf is amended by inserting and before the date of enactment of the ,end ,polluter ,welfare ,act of #bjbj after such taxable year4 #acc4 ,treatment of foreign oil related income as subpart ,f income 7a7 ,in general ,section #ied7;a7 of the ,internal ,revenue ,code of #aihf is amended by striking and at the end of paragraph 7#b71 by striking the period at the end of paragraph 7#c7 and inserting 1 and1 and by adding at the end the following new paragraph3 7#d7 the foreign base company oil related income for the taxable year 7determined under subsection 7g7 and reduced as provided in subsection 7b77#e774 4 7b7 ,foreign base company oil related income ,section #ied of the ,internal ,revenue ,code of #aihf is amended by inserting after subsection 7e7 the following new subsection3 7g7 ,foreign base company oil related income ,for purposes of this section-- 7#a7 ,in general ,except as otherwise provided in this subsection1 the term foreign base company oil related income means foreign oil related income 7within the meaning of paragraphs 7#b7 and 7#c7 of section #ijg7;c77 other than income derived from a source within a foreign country in connection with-- 7,a7 oil or gas which was extracted from an oil or gas well located in such foreign country1 or 7,b7 oil1 gas1 or a primary product of oil or gas which is sold by the foreign corporation or a related person for use or consumption within such country or is loaded in such country on a vessel or aircraft as fuel for such vessel or aircraft4 ,such term shall not include any foreign personal holding company income 7as defined in subsection 7c774 7#b7 ,paragraph 7#a7 applies only where corporation has produced #a1jjj barrels per day or more 7,a7 ,in general ,the term foreign base company oil related income shall not include any income of a foreign corporation if such corporation is not a large oil producer for the taxable year4 7,b7 ,large oil producer ,for purposes of subparagraph 7,a71 the term large oil producer means any corporation if1 for the taxable year or for the preceding taxable year1 the average daily production of foreign crude oil and natural gas of the related group which includes such corporation equaled or exceeded #a1jjj barrels4 7,c7 ,related group ,the term related group means a group consisting of the foreign corporation and any other person who is a related person with respect to such corporation4 7,d7 ,average daily production of foreign crude oil and natural gas ,for purposes of this paragraph1 the average daily production of foreign crude oil or natural gas of any related group for any taxable year 7and the conversion of cubic feet of natural gas into barrels7 shall be determined under rules similar to the rules of section #fac;,a 7as in effect on the day before the date of enactment of the ,end ,polluter ,welfare ,act of #bjbj7 except that only crude oil or natural gas from a well located outside the ,united ,states shall be taken into account4 4 7c7 ,conforming amendments 7#a7 ,section #ieb7;c77#a77;,b77iii7 of the ,internal ,revenue ,code of #aihf is amended by redesignating subclauses 7,i7 through 7,,iv7 as subclause 7,,ii7 through 7,v71 respectively1 and by inserting before subclause 7,,ii7 7as so redesignated7 the following3 7,i7 foreign base company oil related income1 4 7#b7 ,section #ied7;b7 of such ,code is amended-- 7,a7 by inserting at the end of paragraph 7#d7 the following3 ,the preceding sentence shall not apply to foreign base company oil-related income described in subsection 7a77#d742 7,b7 by striking and the foreign base company services income in paragraph 7#e7 and inserting the foreign base company services income1 and the foreign base company oil related income2 and 7,c7 by adding at the end the following new paragraph3 7#f7 ,foreign base company oil related income not treated as another kind of base company income ,income of a corporation which is foreign base company oil related income shall not be considered foreign base company income of such corporation under paragraph 7#b7 or 7#c7 of subsection 7a74 4 7d7 ,effective date ,the amendments made by this section shall apply to taxable years of foreign corporations beginning after the date of the enactment of this ,act and to taxable years of ,united ,states shareholders ending with or within which such taxable years of foreign corporations end4 #acd4 ,repeal of exclusion of foreign oil and gas extraction income from the determination of tested income 7a7 ,in general ,section #iea;,a7c77#b77;,a77i7 of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by adding and at the end of subclause 7,,iii72 7#b7 by striking and at the end of subclause 7,,iv7 and inserting over2 and 7#c7 by striking subclause 7,v74 7b7 ,effective date ,the amendments made by this section shall apply to taxable years of foreign corporations beginning after ,december #ca1 #bjbj1 and to taxable years of ,united ,states shareholders in which or with which such taxable years of foreign corporations end4 #ace4 ,termination of credit for carbon oxide sequestration 7a7 ,in general ,section #de,q of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7i7 ,termination ,this section shall not apply with respect to any qualified carbon oxide captured after the date of enactment of the ,end ,polluter ,welfare ,act of #bjbj4 4 7b7 ,report 7#a7 ,in general ,not later than #f months after the date of enactment of this ,act1 the ,secretary of the ,treasury1 or the ,secretary's delegate1 shall submit a report to ,congress1 to be made available to available to the public1 which provides the following information3 7,a7 ,the taxpayer identity information of any taxpayer for which the carbon oxide sequestration credit under section #de,q of the ,internal ,revenue ,code of #aihf was allowed for any taxable year following the enactment of such section4 7,b7 ,the total amount of the credit allowed pursuant to such section to each taxpayer described in subparagraph 7,a74 7,c7 ,with respect to the amount described in subparagraph 7,b71 the amount of such credit allowed with respect to each of the following3 7i7 ,qualified carbon oxide which was captured and disposed of by the taxpayer in secure geological storage and not used by the taxpayer as described in clause 7ii7 or 7iii74 7ii7 ,qualified carbon oxide which was captured and used by the taxpayer as a tertiary injectant in a qualified enhanced oil or natural gas recovery project and disposed of by the taxpayer in secure geological storage4 7iii7 ,qualified carbon oxide which was captured and utilized by the taxpayer in a manner described in section #de,q7f77#e7 of the ,internal ,revenue ,code of #aihf4 7#b7 ,exception from rules regarding confidentiality and disclosure of returns and return information ,section #fajc7l7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7#bc7 ,disclosure of return information for public report on carbon oxide sequestration credit ,the ,secretary may disclose taxpayer identity information and return information to the extent the ,secretary deems necessary for purposes of the report issued pursuant to section #ace of the ,end ,polluter ,welfare ,act of #bjbj4 4 #acf4 ,powder ,river ,basin 7a7 ,designation of the ,powder ,river ,basin as a coal producing region ,as soon as practicable after the date of enactment of this ,act1 the ,director of the ,bureau of ,land ,management shall designate the ,powder ,river ,basin as a coal producing region4 7b7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,director of the ,bureau of ,land ,management shall submit to ,congress a report that includes-- 7#a7 a study of the fair market value and the amount and effective rate of royalties paid on coal leases in the ,powder ,river ,basin compared to other national and international coal basins and markets2 and 7#b7 any policy recommendations to capture the future market value of the coal leases in the ,powder ,river ,basin4 #acg4 ,study and elimination of additional fossil fuel subsidies 7a7 ,definition of fossil-,fuel production subsidy ,in this section1 the term subsidy for fossil-fuel production means any direct funding1 tax treatment or incentive1 risk-reduction benefit1 financing assistance or guarantee1 royalty relief1 or other provision that provides a financial benefit to a fossil-fuel company for the production of fossil fuels4 7b7 ,report to ,congress ,not later than #a year after the date of enactment of this ,act1 the ,secretary of the ,treasury or the ,secretary's delegate 7referred to in this section as the ,secretary71 in coordination with the ,secretary of ,energy1 shall submit to ,congress a report detailing each ,federal law 7including regulations71 other than those amended by this ,act1 as in effect on the date on which the report is submitted1 that includes a subsidy for fossil-fuel production4 7c7 ,report on modified recovery period 7#a7 ,in general ,not later than #a year after the date of enactment of this ,act1 the ,secretary1 in coordination with the ,commissioner of ,internal ,revenue1 shall submit to ,congress a report on the applicable recovery period under the accelerated cost recovery system provided in section #afh of the ,internal ,revenue ,code of #aihf for each type of property involved in fossil-fuel production1 including pipelines1 power generation property1 refineries1 and drilling equipment1 to determine if any assets are receiving a subsidy for fossil-fuel production4 7#b7 ,elimination of subsidy ,in the case of any type of property that the ,secretary determines is receiving a subsidy for fossil-fuel production under such section #afh1 for property placed in service in taxable years beginning after the date of such determination1 such section #afh shall not apply4 ,the preceding sentence shall not apply to any property with respect to a taxable year unless such determination is published before the first day of such taxable year4 ,,ii ,additional limitations on certain fossil-fuel production subsidies #bja4 ,limitation on certain forms of assistance under the ,,cares ,act 7a7 ,exclusion of certain businesses from financial assistance 7#a7 ,definition of eligible business ,section #djjb7d77;,b7 of the ,,cares ,act 7,public ,law #aaf-acf2 #acd ,stat4 #bha7 is amended by inserting 7other than a ,united ,states business for which not less than #ae percent of the revenue is derived from the extraction1 transport1 storage1 export1 or refining of oil1 natural gas1 and coal7 after ,united ,states business4 7#b7 ,loans and loan guarantees for businesses critical to maintaining national security ,section #djjc7;b77#c7 of the ,,cares ,act 7,public ,law #aaf-acf2 #acd ,stat4 #bha7 is amended by inserting 7other than a ,united ,states business for which not less than #ae percent of the revenue is derived from the extraction1 transport1 storage1 export1 or refining of oil1 natural gas1 and coal7 after national security4 7b7 ,limitation on acquisition of federal leases by loan recipients ,section #djjc7;c77#a7 of the ,,cares ,act 7,public ,law #aaf-acf2 #acd ,stat4 #bha7 is amended by adding at the end the following3 7,c7 ,limitation on acquisition of federal leases by loan recipients ,an eligible business that receives a loan or loan guarantee under this section may not bid on1 purchase1 or acquire any ,federal lease or acquire a ,federal lease from a third party until the date on which the ,secretary certifies that any loans received or guaranteed under this section have been repaid4 4 7c7 ,limitation on loans and loan guarantees to certain financial institutions ,section #djjc of the ,,cares ,act 7,public ,law #aaf-acf2 #acd ,stat4 #bha7 is amended by adding at the end the following3 7i7 ,limitation on loans and loan guarantees to certain financial institutions ,the ,secretary shall not make a loan or loan guarantee to1 or other investment in1 a financial institution under this section for the purpose of assisting any business for which not less than #ae percent of the revenue is derived from the extraction1 transport1 storage1 export1 or refining of oil1 natural gas1 and coal4 4 #bjb4 ,limitations on banks operating fossil fuel companies 7a7 ,definitions ,in this section3 7#a7 ,,cares ,act ,the term ,,cares ,act means the ,coronavirus ,aid1 ,relief1 and ,economic ,security ,act 7,public ,law #aaf-acf74 7#b7 ,covered entity ,the term covered entity means-- 7,a7 a solvent insured depository institution or solvent depository institution holding company 7including any affiliate thereof7 that issues debt that is guaranteed under the program authorized by subsection 7h7 of section #aaje of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 as added by section #djjh of the ,,cares ,act2 7,b7 any entity issuing loans or extensions of credit described in section #ebjj7;c77#g7 of the ,revised ,statutes1 as amended by section #djaa of the ,,cares ,act2 7,c7 any bank sponsoring a money market mutual fund that benefits from a guarantee as a result of the application of section #djae7;a7 of the ,,cares ,act2 7,d7 a qualifying community bank that is subject to interim rule issued under section #djab7;b77#a7 of the ,,cares ,act2 and 7,e7 an insured depository institution1 bank holding company1 or any affiliate thereof that does not comply with the current expected credit losses methodology for estimating allowances for credit losses described in section #djad7;b7 of the ,,cares ,act4 7#c7 ,covered period ,the term covered period means the period beginning on the date of enactment of this ,act and ending on the date that is #b years after-- 7,a7 with respect to a covered entity described in subparagraph 7,a7 of paragraph 7#b71 the date on which the program described in that subparagraph terminates2 7,b7 with respect to a covered entity described in subparagraph 7,b7 of paragraph 7#b71 the date on which the period described in section #djaa7;b7 of the ,,cares ,act expires2 7,c7 with respect to a covered entity described in subparagraph 7,c7 of paragraph 7#b71 the date on which the guarantee described in that subparagraph terminates2 7,d7 with respect to a covered entity described in subparagraph 7,d7 of paragraph 7#b71 the date on which the period described in section #djab7;b77#b7 of the ,,cares ,act expires2 and 7,e7 with respect to a covered entity described in subparagraph 7,e7 of paragraph 7#b71 the date on which the period described in section #djad7;b7 of the ,,cares ,act expires4 7b7 ,prohibition ,during the covered period1 no covered entity1 or subsidiary or affiliate of a covered entity1 may take a new equity stake or otherwise own or operate1 or sponsor or retain an ownership interest in any fund that takes an ownership stake in during the covered period1 any business for which #ae percent or more of the revenue is derived from the extraction1 transport1 storage1 export1 and refining of oil1 natural gas1 and coal4 #bjc4 ,moratorium on oil and natural gas lease sales1 noncompetitive leases for oil or natural gas1 the issuance of coal leases1 and modifications to certain regulations ,notwithstanding any other provision of law1 during the period beginning on the date of enactment of this ,act and ending on the termination date of the national emergency declared by the ,president under the ,national ,emergencies ,act 7#ej ,u4,s4,c4 #afja et seq47 with respect to the ,coronavirus ,disease #bjai 7,,covid-#ai71 the ,secretary of the ,interior shall not-- 7#a7 conduct any lease sales for oil or natural gas2 7#b7 issue any noncompetitive leases for oil or natural gas2 7#c7 issue any coal leases2 or 7#d7 modify any regulations relating to oil1 natural gas1 or coal4 #bjd4 ,strategic ,petroleum ,reserve 7a7 ,maximum storage capacity 7#a7 ,in general ,section #aed7;a7 of the ,energy ,policy and ,conservation ,act 7#db ,u4,s4,c4 #fbcd7;a77 is amended by striking #a billion barrels and inserting #gad1ejj1jjj barrels4 7#b7 ,conforming amendments 7,a7 ,section #cja7;e7 of the ,energy ,policy ,act of #bjje 7#db ,u4,s4,c4 #fbdj note2 ,public ,law #aji-eh7 is amended by striking paragraph 7#a74 7,b7 ,section #aei of the ,energy ,policy and ,conservation ,act 7#db ,u4,s4,c4 #fbci7 is amended by striking subsection 7j74 7b7 ,development1 operation1 and maintenance of ,reserve ,section #aei of the ,energy ,policy and ,conservation ,act 7#db ,u4,s4,c4 #fbci7 7as amended by subsection 7a77#b77;,b77 is amended-- 7#a7 by redesignating subsections 7f71 7g71 7k71 and 7l7 as subsections 7a71 7b71 7c71 and 7d71 respectively2 and 7#b7 by inserting after subsection 7d7 7as so redesignated7 the following3 7e7 ,prohibition of storage of petroleum products not owned by the ,united ,states ,the ,secretary may not store in a storage or related facility of the ,strategic ,petroleum ,reserve owned by or leased to the ,united ,states any petroleum products that are not owned by the ,united ,states4 4 7c7 ,repeal of royalty-in-,kind provision ,title ,i of ,the ,department of the ,interior1 ,environment1 and ,related ,agencies ,appropriations ,act1 #bjjf 7,public ,law #aji-ed2 #aai ,stat4 #eab71 is amended in the matter under the heading ,royalty and offshore minerals management under the heading ,minerals ,management ,service under the heading ,department of the ,interior by striking the fifth proviso 7#cj ,u4,s4,c4 #ageh74 #bje4 ,limitation on availability of funds under the ,defense ,production ,act of #aiej ,a fossil fuel company shall not be eligible for financial assistance made available in connection with the national emergency declared by the ,president under the ,national ,emergencies ,act 7#ej ,u4,s4,c4 #afja et seq47 with respect to the ,coronavirus ,disease #bjai 7,,covid-#ai7 under title ,,iii of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #deca et seq471 including through a loan guarantee1 loan1 direct investment1 or price guarantee under that title4 #bjf4 ,repeal of royalty relief provisions 7a7 ,repeal ,section #ci of the ,mineral ,leasing ,act 7#cj ,u4,s4,c4 #bji7 is repealed4 7b7 ,conforming amendments 7#a7 ,section #hgba7;b7 of title #aj1 ,united ,states ,code1 is amended by striking #bjb-bji and inserting #bjb-bjh4 7#b7 ,section #hgce7;a7 of title #aj1 ,united ,states ,code1 is amended by striking #bjb-bji and inserting #bjb-bjh4 7#c7 ,section #ca7;h7 of the ,mineral ,leasing ,act 7#cj ,u4,s4,c4 #ahh7;h77 is amended by striking and the provisions of section #ci of this ,act4 #bjg4 ,extension of public comment periods and suspension of rulemaking 7a7 ,extension of public comment periods ,notwithstanding any other provision of law1 the heads of ,federal agencies shall keep open any public comment period that was open as of ,march #ac1 #bjbj1 during the period beginning on the date of enactment of this ,act and ending on a date1 as designated by the head of the applicable ,federal agency1 that is not earlier than #cj days after the date on which the ,national ,emergency declared by the ,president under the ,national ,emergencies ,act 7#ej ,u4,s4,c4 #afja et seq47 with respect to the ,coronavirus ,disease #bjai 7,,covid-#ai7 is terminated4 7b7 ,suspension of rulemaking ,notwithstanding any other provision of law1 unless the head of a ,federal agency determines that a rulemaking is specifically required to respond to1 or recover from1 the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic1 the head of a ,federal agency shall not initiate any new administrative rulemaking during the period beginning on the date of enactment of this ,act and ending on a date1 as designated by the head of the applicable ,federal agency1 that is not earlier than the date #cj days after the date on which the ,national ,emergency declared by the ,president under the ,national ,emergencies ,act 7#ej ,u4,s4,c4 #afja et seq47 with respect to the ,coronavirus ,disease #bjai 7,,covid-#ai7 is terminated4