,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dhhg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,novemb] #aj1 #bjbj,mr4
 ,s&]s introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to elim9ate c]ta9  
subsidies = fossil-fuel production4  #a4
 ,%ort title ,?is ,act may be cit$ z !  
,end ,pollut] ,welf>e ,act ( #bjbj4  #b4
 ,table ( cont5ts ,! table ( cont5ts =  
?is ,act is z foll[s3 ,sec4 #a4 ,%ort   
title4,sec4 #b4 ,table ( cont5ts4,,title
 ,i--,elim9ation ( subsidies =          
fossil-fuel production,sec4 #aja4       
,def9ition ( fossil fuel4,sec4 #ajb4    
,royalty ,relief4,sec4 #ajc4 ,royalties 
"u ,m9]al ,leas+ ,act4,sec4 #ajd4       
,elim9ation ( int]e/ paym5ts = royalty  
ov]paym5ts4,sec4 #aje4 ,removal ( limits
 on liability = (f%ore facilities &     
pipel9e op]ators4,sec4 #ajf4            
,re/rictions on use ( appropriat$ funds 
by int]national f9ancial in/itutions =  
projects t support fossil fuel4,sec4    
#ajg4 ,fossil ,en]gy ,rese>* &          

,developm5t ,program4,sec4 #ajh4        
,advanc$ ,rese>* ,projects              
,ag5cy--,en]gy4,sec4 #aji4 ,inc5tives = 
innovative te*nologies4,sec4 #aaj4      
,rural ,utility ,s]vice loan            
gu>antees4,sec4 #aaa4 ,prohibition on   
use ( funds by ! ,unit$ ,/ates          
,int]national ,developm5t ,f9ance       
,corporation or ! ,export-,import ,bank 
( ! ,unit$ ,/ates = f9anc+ projects1    
transactions1 or o!r activities t       
support fossil fuel4,sec4 #aab4         
,transportation funds = grants1 loans1  
loan gu>antees1 & o!r direct            
assi/ance4,sec4 #aac4 ,elim9ation (     
exclusion ( c]ta9 l5d]s z own]s or      
op]ators "u ,,c]cla4,sec4 #aad4         
,t]m9ation ( v>i\s tax exp5ditures      
relat+ to fossil fuels4,sec4 #aae4      
,t]m9ation ( c]ta9 d$uctions & cr$its   
relat$ to fossil fuels4,sec4 #aaf4      
,uni=m sev5-ye> amortization =          
geological & geophysical                
exp5ditures4,sec4 #aag4 ,natural gas    
ga!r+ l9es treat$ z #ae-ye>             

prop]ty4,sec4 #aah4 ,t]m9ation ( la/-91 
fir/-out me?od ( inv5tory = oil1 natural
 gas1 & coal companies4,sec4 #aai4      
,repeal ( p]c5tage depletion = coal &   
h>d m9]al fossil fuels4,sec4 #abj4      
,t]m9ation ( capital ga9s treatm5t =    
royalties f coal4,sec4 #aba4            
,modifications ( =eign tax cr$it rules  
applicable to oil & gas indu/ry taxpay]s
 receiv+ specific economic b5efits4,sec4
 #abb4 ,increase 9 oil spill liability  
tru/ fund f9anc+ rate4,sec4 #abc4       
,application ( c]ta9 environm5tal taxes 
to syn!tic crude oil4,sec4 #abd4 ,d5ial 
( d$uction = removal co/s & damages =   
c]ta9 oil spills4,sec4 #abe4 ,tax on    
crude oil & natural gas produc$ f ! out]
 ,cont95tal ,%elf 9 ! ,gulf (           
,mexico4,sec4 #abf4 ,repeal ( corporate 
income tax exemption = publicly trad$   
p>tn]%ips ) qualify+ income & ga9s f    
activities relat+ to fossil fuels4,sec4 
#abg4 ,amortization ( qualifi$ t]ti>y   
injectant exp5ses4,sec4 #abh4           
,amortization ( developm5t              

exp5ditures4,sec4 #abi4 ,amortization ( 
c]ta9 m9+ exploration exp5ditures4,sec4 
#acj4 ,amortization ( intangible drill+ 
& developm5t co/s 9 ! case ( oil & gas  
wells & geo!rmal wells4,sec4 #aca4      
,p]man5t excise tax rate = fund+ (      
,black ,lung ,disability ,tru/          
,fund4,sec4 #acb4 ,t]m9ation ( r5ewable 
electricity production cr$it eligibility
 = ref9$ coal4,sec4 #acc4 ,treatm5t (   
=eign oil relat$ income z subp>t ,f     
income4,sec4 #acd4 ,repeal ( exclusion (
 =eign oil & gas extraction income f !  
det]m9ation ( te/$ income4,sec4 #ace4   
,t]m9ation ( cr$it = c>bon oxide        
seque/ration4,sec4 #acf4 ,p[d] ,riv]    
,bas94,sec4 #acg4 ,/udy & elim9ation (  
additional fossil fuel subsidies4,,title
 ,,ii--,additional limitations on c]ta9 
fossil-fuel production subsidies,sec4   
#bja4 ,limitation on c]ta9 =ms (        
assi/ance "u ! ,,c>es ,act4,sec4 #bjb4  
,limitations on banks op]at+ fossil fuel
 companies4,sec4 #bjc4 ,moratorium on   
oil & natural gas lease sales1          

noncompetitive leases = oil or natural  
gas1 ! issuance ( coal leases1 &        
modifications to c]ta9 regulations4,sec4
 #bjd4 ,/rategic ,petroleum             
,res]ve4,sec4 #bje4 ,limitation on      
availability ( funds "u ! ,def5se       
,production ,act ( #aiej4,sec4 #bjf4    
,repeal ( royalty relief                
provisions4,sec4 #bjg4 ,ext5sion (      
public comm5t p]iods & susp5sion (      
rulemak+4  ,i ,elim9ation ( subsidies = 
fossil-fuel production  #aja4 ,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  #ajb4 
,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$4
  7b7 ,future provisions ,not)/&+ any   
o!r provision ( law1 royalty relief %all
 n be p]mitt$ "u a lease issu$ "u       
section #h ( ! ,out] ,cont95tal ,%elf   
,l&s ,act 7#dc ,u4,s4,c4 #accg74  #ajc4 
,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$ 9 ! f\r? s5t5ce by /rik+ #aba_/b  
p] c5tum & ins]t+ #ahc_/d p]c5t4  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$ 9 ! f\r? s5t5ce by /rik+ #aba_/b  
p] c5tum & ins]t+ #ahc_/d p]c5t4  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 9 ! fif? s5t5ce1  
by /rik+ #ab4e p]c5t & ins]t+ #ahc_/d   
p]c5t2 &  7,b7 9 p>agraph 7#b77;,a77ii71
 by /rik+ #aba_/b p] c5tum & ins]t+     
#ahc_/d p]c5t2  7#b7 9 subsection       
7c77#a71 9 ! second s5t5ce1 by /rik+    
#ab4e p]c5t & ins]t+ #ahc_/d p]c5t2     
7#c7 9 subsection 7l71 by /rik+ #aba_/b 
p] c5tum ea* place x appe>s & ins]t+    
#ahc_/d p]c5t2 &  7#d7 9 subsection     
7n77#a77;,c71 by /rik+ #aba_/b p] c5tum 
& ins]t+ #ahc_/d p]c5t4  #ajd4          
,elim9ation ( int]e/ paym5ts = royalty  
ov]paym5ts ,section #aaa ( ! ,f$]al ,oil
 & ,gas ,royalty ,managem5t ,act ( #aihb
 7#cj ,u4,s4,c4 #agba7 is am5d$ by add+ 
at ! end ! foll[+3  7k7 ,paym5t ( int]e/
 ,int]e/ %all n be paid on any          
ov]paym5t4  4  #aje4 ,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   
#ajf4 ,re/rictions on use ( appropriat$ 
funds by int]national f9ancial          
in/itutions = projects t support fossil 
fuel  7a7 ,rescission ( unobligat$ funds
  7#a7 ,9 g5]al ,( ! unobligat$ balance 
( am\nts appropriat$ or o!rwise made    
available = a contribution ( ! ,unit$   
,/ates to an int]national f9ancial      
in/itution1 an am\nt specifi$ 9 p>agraph
 7#b7 %all be resc9d$ if ! in/itution   
provides support = a project t supports 
! production or use ( fossil fuels4     
7#b7 ,am\nt specifi$ ,! am\nt specifi$ 9

 ?is p>agraph is an am\nt ! ,secret>y ( 
! ,treasury det]m9es to be equival5t to 
! am\nt ( support provid$ by an         
int]national f9ancial in/itution        
describ$ 9 p>agraph 7#a7 = a project t  
supports ! production or use ( fossil   
fuels4  7b7 ,prohibition on use ( future
 funds ,no am\nts appropriat$ or o!rwise
 made available = a contribution ( !    
,unit$ ,/ates to an int]national        
f9ancial in/itution may be provid$ to ! 
in/itution unless ! in/itution agrees to
 n use ! am\nt to provide support = any 
project t supports ! production or use (
 fossil fuels4  7c7 ,int]national       
f9ancial in/itution def9$ ,9 ?is        
section1 ! t]m int]national f9ancial    
in/itution has ! mean+ giv5 t t]m 9     
section #agja7;c7 ( ! ,int]national     
,f9ancial ,in/itutions ,act 7#bb        
,u4,s4,c4 #bfbr7c774  #ajg4 ,fossil     
,en]gy ,rese>* & ,developm5t ,program   
7a7 ,t]m9ation ( au?ority ,not)/&+ any  
o!r provision ( law1 ! au?ority ( !     
,secret>y ( ,en]gy to c>ry out ! ,fossil

 ,en]gy ,rese>* & ,developm5t ,program (
 ! ,dep>tm5t ( ,en]gy is t]m9at$4  7b7  
,rescission ,not)/&+ any o!r provision (
 law-- 7#a7 all am\nts made available = 
! ,fossil ,en]gy ,rese>* & ,developm5t  
,program t rema9 unobligat$ z ( ! date (
 enactm5t ( ?is ,act are resc9d$2 &     
7#b7 no am\nts made available aft] !    
date ( enactm5t ( ?is ,act = ! ,fossil  
,en]gy ,rese>* & ,developm5t ,program   
%all be exp5d$1 o!r ?an su* am\nts z are
 necess>y to cov] co/s incurr$ 9 t]m9at+
 ongo+ rese>* ( ! ,fossil ,en]gy ,rese>*
 & ,developm5t ,program1 z det]m9$ by ! 
,secret>y ( ,en]gy1 9 consultation ) o!r
 appropriate ,f$]al ag5cies4  #ajh4     
,advanc$ ,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  #aji4 ,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 r$esignat+ p>agraphs 7#c7
 ?r\gh 7#i7 z p>agraphs 7#b7 ?r\gh 7#h71
 respectively2 &  7,c7 by /rik+ p>agraph
 7#aj72  7#b7 by /rik+ subsection 7c72 &
  7#c7 by r$esignat+ subsections 7d7 &  
7e7 z subsections 7c7 & 7d71            
respectively4  7b7 ,con=m+ am5dm5t      
,section #agjd ( ! ,en]gy ,policy ,act (
 #bjje 7#db ,u4,s4,c4 #afead7 is am5d$--
 7#a7 by /rik+ ! section designation &  
head+ & all t foll[s ?r\gh ,!re are 9   
subsection 7a7 & ins]t+ ! foll[+3       
#agjd4 ,au?orization ( appropriations   
,!re are  2 &  7#b7 by /rik+ subsection 
7b74  #aaj4 ,rural ,utility ,s]vice loan
 gu>antees ,not)/&+ any o!r provision ( 
law1 ! ,secret>y ( ,agriculture may n   
make a loan "u title ,,iii ( ! ,rural   
,electrification ,act ( #aicf 7#g       
,u4,s4,c4 #ica et seq47 to an applicant 
= ! purpose ( c>ry+ out any project t w 
use fossil fuel4  #aaa4 ,prohibition on 
use ( funds by ! ,unit$ ,/ates          
,int]national ,developm5t ,f9ance       

,corporation or ! ,export-,import ,bank 
( ! ,unit$ ,/ates = f9anc+ projects1    
transactions1 or o!r activities t       
support fossil fuel ,not)/&+ any o!r    
provision ( law1 no am\nts appropriat$  
or o!rwise made available = ! ,unit$    
,/ates ,int]national ,developm5t ,f9ance
 ,corporation or ! ,export-,import ,bank
 ( ! ,unit$ ,/ates t are available =    
obligation on or aft] ! date ( !        
enactm5t ( ?is ,act may be obligat$ or  
exp5d$ to support any project1          
transaction1 or o!r activity t supports 
! production or use ( fossil fuels4     
#aab4 ,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$]al ,railroad ,adm9i/ration7 may n be
 us$ to aw>d any grant1 loan1 loan      
gu>antee1 or provide any o!r direct     
assi/ance to any rail facility or port  
project t transports fossil fuel4  #aac4
 ,elim9ation ( exclusion ( c]ta9 l5d]s z

 own]s or op]ators "u ,,c]cla ,section  
#aja7bj77;,f7 ( ! ,compreh5sive         
,environm5tal ,response1 ,comp5sation1 &
 ,liability ,act ( #aihj 7#db ,u4,s4,c4 
#ifja7bj77;,f77 is am5d$ by add+ at !   
end ! foll[+3  7iii7 ,ineligible l5d]s  
,! exclusions "u clauses 7i7 & 7ii7 %all
 n apply to a p]son t is a l5d] t is--  
7,i7 an inve/m5t company regi/]$ "u !   
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#a et seq471 inve/m5t   
advis] 7z def9$ 9 section #bjb7;a7 ( !  
,inve/m5t ,advis]s ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;b-#b7;a7771 or brok] or   
deal] 7z ^? t]ms are def9$ 9 section    
#c7;a7 ( ! ,securities ,ex*ange ,act (  
#aicd 7#ae ,u4,s4,c4 #gh;c7a777 )       
#bej1jjj1jjj1jjj or m 9 assets "u       
managem5t2 or  7,,ii7 a bank hold+      
company 7z def9$ 9 section #b ( ! ,bank 
,hold+ ,company ,act ( #aief 7#ab       
,u4,s4,c4 #ahda77 ) #aj1jjj1jjj1jjj or m
 9 total consolidat$ assets4  4  #aad4  
,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 
( #bjbj3 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 #dfa7;i77#b7     
7relat+ to special rule = spudd+ ( oil  
or natural gas wells74  7#d7 ,section   
#dfi7;c77#c77;,a7 7relat+ to work+      
int]e/s 9 oil & natural gas prop]ty74   
7#e7 ,section #fac;,a 7relat+ to        
limitations on p]c5tage depletion 9 case
 ( oil & natural gas wells74  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 ( #bjbj3 7#a7
 ,section #afh7;e77#c77;,c77iii7 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  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 ( #bjbj3 7#a7 ,section #agi;,b     
7relat+ to d$uction = capital co/s      
incurr$ 9 comply+ ) ,environm5tal       
,protection ,ag5cy sulfur regulations74 
7#b7 ,section #dfh 7relat+ to special   
rules = m9+ & solid wa/e reclamation &  
clos+ co/s74  7d7 ,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 ( #bjbj4  7e7     
,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 ( #bjbj4  4  7b7  
,con=m+ am5dm5ts  7#a7 ,section #fac7;d7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by /rik+ ,except z provid$ 9      
section #fac;,a1 9 ! case & ins]t+ ,9 ! 
case4  7#b7 ,! table ( sections =       
sub*apt] ,c ( *apt] #ij ( su* ,code is  
am5d$ by add+ at ! end ! foll[+ new     
item3  ,sec4 #ghge4 ,t]m9ation ( c]ta9  
provisions relat+ to fossil-fuel        
inc5tives4  4  #aae4 ,t]m9ation ( c]ta9 
d$uctions & cr$its relat$ to fossil     
fuels  7a7 ,special all[ance = c]ta9    
prop]ty ,section #afh7k7 ( ! ,int]nal   
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+3  7#aa7 ,fossil fuel  
prop]ty  7,a7 ,9 g5]al ,?is subsection  
%all n apply ) respect to any prop]ty   
:i* is prim>ily us$ = fossil fuel       
activities & is plac$ 9 s]vice dur+ any 
taxable ye> beg9n+ aft] ! date ( !      
enactm5t ( ! ,end ,pollut] ,welf>e ,act 
( #bjbj4  7,b7 ,fossil fuel activities  
,= purposes ( ?is p>agraph1 ! t]m fossil

 fuel activities means ! exploration1   
developm5t1 m9+ or production1 process+1
 ref9+1 transportation 7includ+ pipel9es
 transport+ gas1 oil1 or products !re(71
 di/ribution1 or m>ket+ ( coal1         
petroleum1 natural gas1 or any d]ivative
 ( coal1 petroleum1 or natural gas t is 
us$ = fuel4  7,c7 ,exception ,! prop]ty 
describ$ 9 subp>agraph 7,a7 %all n      
include any motor vehicle s]vice /ation 
or conv5i5ce /ore :i* does n qualify z a
 retail motor fuels outlet "u subsection
 7e77#c77;,e77iii74  4  7b7 ,qualifi$   
bus9ess income ,section                 
#aii;,a7c77#c77;,b7 ( ! ,int]nal ,rev5ue
 ,code ( #aihf is am5d$ by add+ at ! end
 ! foll[+3  7viii7 ,any item ( ga9 or   
loss d]iv$ f fossil fuel activities 7z  
def9$ 9 section #afh7k77#aa77;,b77 dur+ 
any taxable ye> beg9n+ aft] ! date ( !  
enactm5t ( ! ,end ,pollut] ,welf>e ,act 
( #bjbj4  4  7c7 ,cr$it = increas+      
rese>* activities ,section #da7;d77#d7 (
 ! ,int]nal ,rev5ue ,code ( #aihf is    
am5d$ by add+ at ! end ! foll[+3  7,i7  

,fossil fuel activities ,any rese>*     
relat$ to fossil fuel activities 7z     
def9$ 9 section #afh7k77#aa77;,b77 :i*  
is conduct$ aft] ! date ( ! enactm5t ( !
 ,end ,pollut] ,welf>e ,act ( #bjbj4  4 
7d7 ,=eign-,d]iv$ intangible income     
,subclause 7,v7 ( section               
#bej7;b77#c77;,a77i7 ( ! ,int]nal       
,rev5ue ,code ( #aihf is am5d$ to read z
 foll[s3  7,v7 any income d]iv$ f fossil
 fuel activities 7z def9$ 9 section     
#afh7k77#aa77;,b77 dur+ any taxable ye> 
beg9n+ aft] ! date ( ! enactm5t ( ! ,end
 ,pollut] ,welf>e ,act ( #bjbj1 &  4    
7e7 ,ex*ange ( real prop]ty held =      
productive use or inve/m5t ,section     
#ajca7;a77#b7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ to read z foll[s3     
7#b7 ,exceptions ,?is subsection %all n 
apply to-- 7,a7 any ex*ange ( real      
prop]ty held prim>ily = sale1 or  7,b7  
any ex*ange ( real prop]ty :i*-- 7i7 is 
us$ = fossil fuel activities 7z def9$ 9 
section #afh7k77#aa77;,b771 &  7ii7     
occurs aft] ! date ( ! enactm5t ( ! ,end

 ,pollut] ,welf>e ,act ( #bjbj4  4      
#aaf4 ,uni=m sev5-ye> amortization =    
geological & geophysical exp5ditures    
7a7 ,9 g5]al ,section #afg7;h7 ( !      
,int]nal ,rev5ue ,code ( #aihf is       
am5d$-- 7#a7 by /rik+ #bd-mon? p]iod ea*
 place x appe>s 9 p>agraphs 7#a7 & 7#d7 
& ins]t+ #hd-mon? p]iod2  7#b7 by /rik+ 
p>agraph 7#b7 & ins]t+ ! foll[+3  7#b7  
,mid-mon? conv5tion ,= purposes (       
p>agraph 7#a71 any paym5t paid or       
incurr$ dur+ any mon? %all be treat$ z  
paid or incurr$ on ! mid-po9t ( su*     
mon?4  2 &  7#c7 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  #aag4 ,natural gas ga!r+ l9es
 treat$ z #ae-ye> prop]ty  7a7 ,9 g5]al 
,section #afh7;e77#c77;,e7 ( ! ,int]nal 
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
& at ! end ( clause 7v71 by /rik+ !     
p]iod at ! end ( clause 7vi7 & ins]t+ 1 
&1 & by add+ at ! end ! foll[+ new      
clause3  7vii7 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,e77vi7 !   
foll[+ new item3  7,e77vii7#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 ( #bjbj 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 ( ! introduction ( ?is ,act1 or1
 9 ! case ( self-con/ruct$ prop]ty1 has 
/>t$ con/ruction on or be=e su* date4   

#aah4 ,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 ( #bjbj4  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 

( #bjbj4  4  7c7 ,*ange 9 me?od (       
acc\nt+ ,9 ! case ( any taxpay] requir$ 
by ! am5dm5ts made by ?is section to    
*ange its me?od ( acc\nt+ = its fir/    
taxable ye> beg9n+ aft] ! date (        
enactm5t ( ?is ,act-- 7#a7 su* *ange    
%all be treat$ z initiat$ by ! taxpay]2 
&  7#b7 su* *ange %all be treat$ z made 
) ! cons5t ( ! ,secret>y ( ! ,treasury4 
7d7 ,effective date ,! am5dm5ts made by 
?is section %all apply to taxable ye>s  
beg9n+ aft] ! date ( enactm5t ( ?is     
,act4  #aai4 ,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 ( #bjbj4  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  #abj4 ,t]m9ation ( capital ga9s  
treatm5t = royalties f coal  7a7 ,9     
g5]al ,subsection 7c7 ( section #fca ( !
 ,int]nal ,rev5ue ,code ( #aihf is      
am5d$-- 7#a7 by /rik+ coal 7includ+     
lignite71 or iron ore & ins]t+ iron ore2
  7#b7 by /rik+ coal or iron ore ea*    
place x appe>s & ins]t+ iron ore2  7#c7 
by /rik+ iron ore or coal ea* place x   
appe>s & ins]t+ iron ore2 &  7#d7 by    
/rik+ coal or 9 ! head+4  7b7 ,con=m+   
am5dm5ts  7#a7 ,! head+ ( section #fca (
 ! ,int]nal ,rev5ue ,code ( #aihf is    
am5d$ by /rik+ 1 coal14  7#b7 ,section  

#abca7;b77#b7 ( su* ,code is am5d$ by   
/rik+ 1 coal14  7c7 ,effective date ,!  
am5dm5ts made by ?is section %all apply 
to dispositions aft] ! date ( ! enactm5t
 ( ?is ,act4  #aba4 ,modifications (    
=eign tax cr$it rules applicable to oil 
& gas indu/ry taxpay]s receiv+ specific 
economic b5efits  7a7 ,9 g5]al ,section 
#ija ( ! ,int]nal ,rev5ue ,code ( #aihf 
is am5d$ by r$esignat+ subsection 7n7 z 
subsection 7o7 & by ins]t+ aft]         
subsection 7m7 ! foll[+ new subsection3 
7n7 ,special rules relat+ to dual       
capacity taxpay]s  7#a7 ,g5]al rule     
,not)/&+ any o!r provision ( ?is *apt]1 
any am\nt paid or accru$ 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 ( fossil 
fuel %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 no am\nt o!r ?an 
! am\nt requir$ to be paid by su*       
taxpay] "u ! g5]ally applicable income  
tax impos$ by ! c\ntry or possession 7  
paid or accru$ by 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-- 7,i7 citiz5s or 
resid5ts ( ! =eign c\ntry or possession1
 or  7,,ii7 organiz$ or incorporat$ "u !
 laws ( ! =eign c\ntry or possession4   
7#d7 ,fossil fuel ,= purposes ( ?is     
subsection1 ! t]m fossil fuel means     
coal1 petroleum1 natural gas1 or any    
d]ivative ( coal1 petroleum1 or natural 
gas t is us$ = fuel4  4  7b7 ,effective 
date ,! am5dm5ts made by ?is section    
%all apply to taxes paid or accru$ 9    
taxable ye>s beg9n+ aft] ! date ( !     
enactm5t ( ?is ,act4  7c7 ,special rule 
= treaties ,not)/&+ sections #hid or    

#gheb7;d7 ( ! ,int]nal ,rev5ue ,code (  
#aihf1 ! am5dm5ts made by ?is section   
%all apply )\t reg>d to any treaty      
obligation ( ! ,unit$ ,/ates4  #abb4    
,increase 9 oil spill liability tru/    
fund f9anc+ rate  7a7 ,9 g5]al ,section 
#dfaa ( ! ,int]nal ,rev5ue ,code ( #aihf
 is am5d$-- 7#a7 9 subsection           
7c77#b77;,b7-- 7,a7 9 clause 7i71 by    
/rik+ & at ! end2  7,b7 9 clause 7ii71  
by /rik+ ! p]iod at ! end & ins]t+ 1 &2 
&  7,c7 by add+ at ! end ! foll[+3      
7iii7 9 ! case ( crude oil receiv$ or   
petroleum products ent]$ aft] ,decemb]  
#ca1 #bjbj1 #aj c5ts a b>rel4  2 &  7#b7
 by /rik+ subsection 7f7 & ins]t+ !     
foll[+3  7f7 ,application ( ,oil ,spill 
,liability ,tru/ ,fund f9anc+ rate ,!   
,oil ,spill ,liability ,tru/ ,fund      
f9anc+ rate "u subsection 7c7 %all apply
 on & aft] ,april #a1 #bjjf1 or if lat]1
 ! date :i* is #cj days aft] ! la/ day (
 any cal5d> qu>t] = :i* ! ,secret>y     
e/imates t1 z ( ! close ( t qu>t]1 !    
unobligat$ balance 9 ! ,oil ,spill      

,liability ,tru/ ,fund is less ?an      
#b1jjj1jjj1jjj4  4  7b7 ,effective date 
,! am5dm5ts made by ?is section %all    
apply to crude oil receiv$ & petroleum  
products ent]$ aft] ! date ( ! enactm5t 
( ?is ,act4  #abc4 ,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-- 7i7 any bitum5 & bitum9\s   
mixtures1  7ii7 any oil d]iv$ f bitum5 &
 bitum9\s mixtures 7includ+ oil d]iv$ f 
t> s&s71  7iii7 any liquid fuel d]iv$ f 
coal1 &  7iv7 any oil d]iv$ f k]og5-be>+
 s\rces 7includ+ oil d]iv$ f oil %ale74 
4  7b7 ,regulatory au?ority ,to address 
o!r types ( crude oil & petroleum       
products ,subsection 7a7 ( section #dfab
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  

am5d$ by add+ at ! end ! foll[+3  7#aj7 
,regulatory au?ority to address o!r     
types ( crude oil & petroleum products  
,"u su* regulations z ! ,secret>y may   
prescribe1 ! ,secret>y may include z    
crude oil or z a petroleum product      
subject to tax "u section #dfaa1 any    
fuel fe$/ock or f9i%$ fuel product      
cu/om>ily transport$ by pipel9e1 vessel1
 railc>1 or tank] truck if ! ,secret>y  
det]m9es t-- 7,a7 ! classification ( su*
 fuel fe$/ock or f9i%$ fuel product is  
consi/5t ) ! def9ition ( oil "u ! ,oil  
,pollution ,act ( #aiij1 &  7,b7 su*    
fuel fe$/ock or f9i%$ fuel product is   
produc$ 9 suffici5t comm]cial quantities
 z to pose a significant risk ( haz>d 9 
! ev5t ( a dis*>ge4  4  7c7 ,te*nical   
am5dm5t ,p>agraph 7#b7 ( section        
#dfab7;a7 ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by /rik+ f a well locat$4
  7d7 ,effective date ,! am5dm5ts made  
by ?is section %all apply to oil &      
petroleum products receiv$ or ent]$ dur+
 cal5d> qu>t]s beg9n+ m ?an #fj days    

aft] ! date ( ! enactm5t ( ?is ,act4    
#abd4 ,d5ial ( d$uction = removal co/s &
 damages = c]ta9 oil spills  7a7 ,9     
g5]al ,section #afb7;f7 ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$-- 7#a7 by
 r$esignat+ p>agraph 7#e7 z p>agraph    
7#f72 &  7#b7 by ins]t+ aft] p>agraph   
7#d7 ! foll[+3  7#e7 ,exp5ses = removal 
co/s & damages relat+ to c]ta9 oil spill
 liability ,not)/&+ p>agraphs 7#b7 &    
7#c71 no d$uction %all be all[$ "u ?is  
*apt] = any co/s or damages = :i* !     
taxpay] is liable "u section #ajjb ( !  
,oil ,pollution ,act ( #aiij 7#cc       
,u4,s4,c4 #bgjb7  4  7b7 ,effective date
 ,! am5dm5ts made by ?is section %all   
apply ) respect to any liability aris+ 9
 taxable ye>s end+ aft] ! date ( !      
enactm5t ( ?is ,act4  #abe4 ,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 ( !      
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by ins]t+ aft] p>agraph 7#d7 ! foll[+   
new p>agraph3  7#e7 ,! 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 #bjbj4  #abf4 ,repeal (   
corporate income tax exemption =        
publicly trad$ p>tn]%ips ) qualify+     

income & ga9s f activities relat+ to    
fossil fuels  7a7 ,9 g5]al ,section     
#ggjd7;d77#a7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by ins]t+ or any coal1
 petroleum1 natural gas1 or any         
d]ivative ( coal1 petroleum1 or natural 
gas t is us$ = fuel aft] section        
#fac7;b77#g74  7b7 ,effective date ,!   
am5dm5t made by ?is section %all apply  
to taxable ye>s beg9n+ aft] ! date ( !  
enactm5t ( ?is ,act4  #abg4             
,amortization ( qualifi$ t]ti>y         
injectant exp5ses  7a7 ,9 g5]al ,section
 #aic ( ! ,int]nal ,rev5ue ,code ( #aihf
 is am5d$-- 7#a7 by /rik+ subsection 7a7
 & ins]t+ ! foll[+3  7a7 ,amortization (
 qualifi$ t]ti>y injectant exp5ses  7#a7
 ,9 g5]al ,any qualifi$ t]ti>y injectant
 exp5ses paid or incurr$ by ! taxpay]   
%all be all[$ z a d$uction ratably ov] !
 #hd-mon? p]iod beg9n+ on ! date t su*  
exp5se 0 paid or incurr$4  7#b7         
,mid-mon? conv5tion ,= purposes (       
p>agraph 7#a71 any exp5ses paid or      
incurr$ dur+ any mon? %all be treat$ z  

paid or incurr$ on ! mid-po9t ( su*     
mon?4  2 &  7#b7 by /rik+ subsection 7c7
 & ins]t+ ! foll[+3  7c7 ,exclusive     
me?od ,except z provid$ 9 ?is section1  
no depreciation or amortization d$uction
 %all be all[$ ) respect to qualifi$    
t]ti>y injectant exp5ses4  4  7b7       
,effective date ,! am5dm5ts made by ?is 
section %all apply to exp5ses paid or   
incurr$ 9 taxable ye>s beg9n+ aft] !    
date ( ! enactm5t ( ?is ,act4  #abh4    
,amortization ( developm5t exp5ditures  
7a7 ,9 g5]al ,section #faf ( ! ,int]nal 
,rev5ue ,code ( #aihf is am5d$ to read z
 foll[s3  #faf4 ,amortization (         
developm5t exp5ditures  7a7 ,9 g5]al    
,any exp5ditures paid or incurr$ = !    
developm5t ( a m9e or o!r natural       
deposit 7o!r ?an an oil or gas well7 if 
paid or incurr$ aft] ! exi/5ce ( ores or
 m9]als 9 comm]cially m>ketable         
quantities has be5 disclos$ %all be     
all[$ z a d$uction ratably ov] !        
#hd-mon? p]iod beg9n+ on ! date t su*   
exp5diture 0 paid or incurr$4  7b7      

,mid-,mon? conv5tion ,= purposes (      
subsection 7a71 any exp5ditures paid or 
incurr$ dur+ any mon? %all be treat$ z  
paid or incurr$ on ! mid-po9t ( su*     
mon?4  7c7 ,exclusive me?od ,except z   
provid$ 9 ?is section1 no depreciation  
or amortization d$uction %all be all[$ )
 respect to exp5ditures describ$ 9      
subsection 7a74  7d7 ,treatm5t ^u       
ab&onm5t ,if any prop]ty ) respect to   
:i* exp5ditures describ$ 9 subsection   
7a7 are paid or incurr$ is retir$ or    
ab&on$ dur+ ! #hd-mon? p]iod describ$ 9 
su* subsection1 no d$uction %all be     
all[$ on acc\nt ( su* retirem5t or      
ab&onm5t & ! amortization d$uction "u   
?is section %all cont9ue ) respect to   
su* paym5t4  4  7b7 ,con=m+ am5dm5ts    
7#a7 ,! item relat+ to section #faf 9 ! 
table ( sections = "p ,i ( sub*apt] ,i (
 *apt] #a ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ to read z foll[s3  ,sec4 
#faf4 ,amortization ( developm5t        
exp5ditures4  4  7#b7 ,section          
#ef7;a77#b77;,a7 ( su* ,code is am5d$ by

 /rik+ #faf7;a7 or4  7#c7 ,section      
#ei7;e7 ( su* ,code is am5d$-- 7,a7 9   
p>agraph 7#b7-- 7i7 9 subp>agraph 7,c71 
by ins]t+ or at ! end2  7ii7 by /rik+   
subp>agraph 7,d72 &  7iii7 by r$esignat+
 subp>agraph 7,e7 z subp>agraph 7,d72 & 
7,b7 9 p>agraph 7#e77;,a71 by /rik+ 1   
#faf7;a714  7#d7 ,section #bfc7;a77#a7 (
 su* ,code is am5d$ by /rik+ subp>agraph
 7,a74  7#e7 ,section #bfc;,a7c77#c7 (  
su* ,code is am5d$ by /rik+ #faf14  7#f7
 ,section #bia7;b7 ( su* ,code is       
am5d$-- 7,a7 9 p>agraph 7#a77;,b71 by   
/rik+ #faf7;a7 or2  7,b7 9 p>agraph     
7#b71 by /rik+ 1 #faf7;a712 &  7,c7 9   
p>agraph 7#c71 by /rik+ 1 #faf7;a714    
7#g7 ,section #cab7n77#b77;,b7 ( su*    
,code is am5d$ by /rik+ #faf7;a7 or4    
7#h7 ,section #cha7;c7 ( su* ,code is   
am5d$ by /rik+ p>agraph 7#aj74  7#i7    
,section #ajaf7;a7 ( su* ,code is am5d$ 
by /rik+ p>agraph 7#i74  7#aj7 ,section 
#abed7;a77#a77;,a77i7 ( su* ,code is    
am5d$ by /rik+ 1 #faf14  7c7 ,effective 
date ,! am5dm5ts made by ?is section    

%all apply to exp5ditures paid or       
incurr$ 9 taxable ye>s beg9n+ aft] !    
date ( ! enactm5t ( ?is ,act4  #abi4    
,amortization ( c]ta9 m9+ exploration   
exp5ditures  7a7 ,9 g5]al ,section #fag 
( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$ to read z foll[s3  #fag4          
,amortization ( c]ta9 m9+ exploration   
exp5ditures  7a7 ,9 g5]al ,any          
exp5ditures paid or incurr$ = ! purpose 
( asc]ta9+ ! exi/5ce1 location1 ext5t1  
or quality ( any deposit ( ore or o!r   
m9]al1 & paid or incurr$ be=e ! beg9n+ (
 ! developm5t /age ( ! m9e1 %all be     
all[$ z a d$uction ratably ov] !        
#hd-mon? p]iod beg9n+ on ! date t su*   
exp5se 0 paid or incurr$4  7b7          
,mid-,mon? conv5tion ,= purposes (      
subsection 7a71 any exp5ditures paid or 
incurr$ dur+ any mon? %all be treat$ z  
paid or incurr$ on ! mid-po9t ( su*     
mon?4  7c7 ,exclusive me?od ,except z   
provid$ 9 ?is section1 no depreciation  
or amortization d$uction %all be all[$ )
 respect to exp5ditures describ$ 9      

subsection 7a74  7d7 ,treatm5t ^u       
ab&onm5t ,if any prop]ty ) respect to   
:i* exp5ditures describ$ 9 subsection   
7a7 are paid or incurr$ is retir$ or    
ab&on$ dur+ ! #hd-mon? p]iod describ$ 9 
su* subsection1 no d$uction %all be     
all[$ on acc\nt ( su* retirem5t or      
ab&onm5t & ! amortization d$uction "u   
?is section %all cont9ue ) respect to   
su* paym5t4  4  7b7 ,con=m+ am5dm5ts    
7#a7 ,! item relat+ to section #fag 9 ! 
table ( sections = "p ,i ( sub*apt] ,i (
 *apt] #a ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ to read z foll[s3  ,sec4 
#fag4 ,amortization ( c]ta9 m9+         
exploration exp5ditures4  4  7#b7       
,section #ef7;a7 ( su* ,code1 z am5d$ by
 section #abh7;b77#b71 is am5d$ by /rik+
 p>agraph 7#b74  7#c7 ,section #ei7;e7 (
 su* ,code1 z am5d$ by section          
#abh7;b77#c71 is am5d$-- 7,a7 9 p>agraph
 7#b7-- 7i7 9 subp>agraph 7,b71 by      
ins]t+ or at ! end2  7ii7 9 subp>agraph 
7,c71 by /rik+ ! comma at ! end & ins]t+
 a p]iod2 &  7iii7 by /rik+ subp>agraph 

7,d72 &  7,b7 by /rik+ p>agraph 7#e7 &  
ins]t+ ! foll[+3  7#e7 ,dispositions ,9 
! case ( any disposition ( prop]ty to   
:i* section #abed applies 7det]m9$ )\t  
reg>d to ?is section71 any d$uction "u  
p>agraph 7#a7 ) respect to am\nts :i*   
are allocable to su* prop]ty %all1 =    
purposes ( section #abed1 be treat$ z a 
d$uction all[able "u section #bfc7;c74  
4  7#d7 ,section #agj7;e7 ( su* ,code is
 am5d$-- 7,a7 9 p>agraph 7#a71 by /rik+ 
#fag7;d77#a712 &  7,b7 9 p>agraph       
7#c77;,d71 by /rik+ #fag14  7#e7        
,section #bfc;,a7c77#c7 ( su* ,code1 z  
am5d$ by section #abh7;b77#e71 is am5d$ 
by /rik+ #bia7;b77#b71 or #fag & ins]t+ 
or #bia7;b77#b74  7#f7 ,section #bia7;b7
 ( su* ,code1 z am5d$ by section        
#abh7;b77#f71 is am5d$-- 7,a7 9 ! head+1
 by /rik+ & m9]al exploration &         
developm5t co/s2  7,b7 by /rik+ p>agraph
 7#a7 & ins]t+ ! foll[+3  7#a7 ,9 g5]al 
,9 ! case ( an integrat$ oil company1 ! 
am\nt all[able z a d$uction = any       
taxable ye> 7det]m9$ )\t reg>d to ?is   

section7 "u section #bfc7;c7 %all be    
r$uc$ by #cj p]c5t4  2  7,c7 9 p>agraph 
7#b71 by /rik+ or #fag7;a7 7z ! case may
 be72 &  7,d7 9 p>agraph 7#c71 by /rik+ 
or #fag7;a7 7:i*ev] is appropriate74    
7#g7 ,section #cab7n71 z am5d$ by       
section #abh7;b77#g71 is am5d$ by /rik+ 
p>agraph 7#b7 & ins]t+ ! foll[+3  7#b7  
,intangible drill+ co/s ,any am\nt      
all[able z a d$uction "u section        
#bfc7;c7 9 det]m9+ taxable income 7o!r  
?an co/s incurr$ 9 connection ) a       
nonproductive well7-- 7,a7 %all be      
capitaliz$1 &  7,b7 %all be all[$ z a   
d$uction ratably ov] ! #fj-mon? p]iod   
beg9n+ ) ! mon? 9 :i* su* am\nt 0 paid  
or incurr$4  4  7#h7 ,section #gjc7;b7 (
 su* ,code is am5d$-- 7,a7 9 p>agraph   
7#a71 by add+ or at ! end2  7,b7 by     
/rik+ p>agraph 7#b72 &  7,c7 by         
r$esignat+ p>agraph 7#c7 z p>agraph     
7#b74  7#i7 ,section #gea7;c7 ( su*     
,code is am5d$-- 7,a7 by ins]t+ 1 z 9   
effect on ! day be=e ! date ( ! enactm5t
 ( ! ,end ,pollut] ,welf>e ,act ( #bjbj 

aft] section #fag7;f77#b72 &  7,b7 by   
/rik+ #fag7;d77#a714  7#aj7 ,section    
#abed7;a77#a77;,a77i7 ( su* ,code1 z    
am5d$ by section #abh7;b77#aj71 is am5d$
 by /rik+ or #fag4  7#aa7 ,p>agraph 7#b7
 ( section #acfc7;c7 ( su* ,code is     
am5d$ to read z foll[s3  7#b7 ,exception
 ,9 ! case ( an ,s corporation1         
elections "u section #ija 7relat+ to    
taxes ( =eign c\ntries & possessions ( !
 ,unit$ ,/ates7 %all be made by ea*     
%>ehold] sep>ately4  4  7c7 ,effective  
date ,! am5dm5ts made by ?is section    
%all apply to exp5ditures paid or       
incurr$ 9 taxable ye>s beg9n+ aft] !    
date ( ! enactm5t ( ?is ,act4  #acj4    
,amortization ( intangible drill+ &     
developm5t co/s 9 ! case ( oil & gas    
wells & geo!rmal wells  7a7 ,9 g5]al    
,subsection 7c7 ( section #bfc ( !      
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
to read z foll[s3  7c7 ,intangible      
drill+ & developm5t co/s 9 ! case ( oil 
& gas wells & geo!rmal wells ,not)/&+   
subsection 7a71 & except z provid$ 9    

subsection 7i71 9 ! case ( any exp5ses  
paid or incurr$ 9 connection )          
intangible drill+ & developm5t co/s     
relat$ to oil & gas wells & wells drill$
 = any geo!rmal deposit 7z def9$ 9      
section #fac7;e77#b77-- 7#a7 su* exp5ses
 %all be all[$ z a d$uction ratably ov] 
! #hd-mon? p]iod beg9n+ on ! date t su* 
exp5se 0 paid or incurr$1  7#b7 any su* 
exp5ses paid or incurr$ dur+ any mon?   
%all be treat$ z paid or incurr$ on !   
mid-po9t ( su* mon?1  7#c7 except z     
provid$ 9 ?is subsection1 no            
depreciation or amortization d$uction   
%all be all[$ ) respect to su* exp5ses1 
&  7#d7 if any prop]ty ) respect to :i* 
su* intangible drill+ & developm5t co/s 
are paid or incurr$ is retir$ or ab&on$ 
dur+ su* #hd-mon? p]iod1 no d$uction    
%all be all[$ on acc\nt ( su* retirem5t 
or ab&onm5t & ! amortization d$uction "u
 ?is subsection %all cont9ue ) respect  
to su* paym5t4  4  7b7 ,con=m+ am5dm5ts 
7#a7 ,section #eg7;a77#b77;,b77i7 ( !   
,int]nal ,rev5ue ,code ( #aihf is am5d$ 

by /rik+ #bfc7;c7 or4  7#b7 ,section    
#ei7;e7 ( su* ,code1 z am5d$ by sections
 #abh & #abi1 is am5d$-- 7,a7 9 p>agraph
 7#b7-- 7i7 9 subp>agraph 7,a71 by      
ins]t+ or at ! end2  7ii7 9 subp>agraph 
7,b71 by /rik+ ! comma at ! end & ins]t+
 a p]iod2 &  7iii7 by /rik+ subp>agraph 
7,c72 &  7,b7 by /rik+ p>agraph 7#e74   
7#c7 ,section #bfc;,a7c77#c7 ( su*      
,code1 z am5d$ by sections #abh & #abi1 
is am5d$ by /rik+ #bfc7;c714  7#d7      
,section #bia ( su* ,code1 z am5d$ by   
sections #abh & #abi1 is am5d$ by /rik+ 
subsection 7b74  7#e7 ,section #cab7n7 (
 su* ,code1 z am5d$ by sections #abh &  
#abi1 is am5d$ by /rik+ p>agraph 7#b74  
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to exp5ditures   
paid or incurr$ 9 taxable ye>s beg9n+   
aft] ! date ( ! enactm5t ( ?is ,act4    
#aca4 ,p]man5t excise tax rate = fund+ (
 ,black ,lung ,disability ,tru/ ,fund   
7a7 ,9 g5]al ,section #daba ( ! ,int]nal
 ,rev5ue ,code ( #aihf is am5d$-- 7#a7 9
 subsection 7b7-- 7,a7 9 p>agraph 7#a71 

by /rik+ #a4aj & ins]t+ #a4ch2 &  7,b7 9
 p>agraph 7#b71 by /rik+ #j4ee & ins]t+ 
#j4fi2 &  7#b7 by /rik+ subsection 7e74 
7b7 ,effective date ,! am5dm5ts made by 
?is section %all apply on & aft] ! fir/ 
day ( ! fir/ cal5d> mon? beg9n+ aft] !  
date ( ! enactm5t ( ?is ,act4  #acb4    
,t]m9ation ( r5ewable electricity       
production cr$it eligibility = ref9$    
coal ,section #de7;e77#h77;,a77ii77,,ii7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by ins]t+ & be=e ! date ( enactm5t
 ( ! ,end ,pollut] ,welf>e ,act ( #bjbj 
aft] su* taxable ye>4  #acc4 ,treatm5t (
 =eign oil relat$ income z subp>t ,f    
income  7a7 ,9 g5]al ,section #ied7;a7 (
 ! ,int]nal ,rev5ue ,code ( #aihf is    
am5d$ by /rik+ & at ! end ( p>agraph    
7#b71 by /rik+ ! p]iod at ! end (       
p>agraph 7#c7 & ins]t+ 1 &1 & by add+ at
 ! end ! foll[+ new p>agraph3  7#d7 !   
=eign base company oil relat$ income = !
 taxable ye> 7det]m9$ "u subsection 7g7 
& r$uc$ z provid$ 9 subsection 7b77#e774
  4  7b7 ,=eign base company oil relat$ 

income ,section #ied ( ! ,int]nal       
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] subsection 7e7 ! foll[+ new       
subsection3  7g7 ,=eign base company oil
 relat$ income ,= purposes ( ?is        
section-- 7#a7 ,9 g5]al ,except z       
o!rwise provid$ 9 ?is subsection1 ! t]m 
=eign base company oil relat$ income    
means =eign oil relat$ income 7)9 !     
mean+ ( p>agraphs 7#b7 & 7#c7 ( section 
#ijg7;c77 o!r ?an income d]iv$ f a s\rce
 )9 a =eign c\ntry 9 connection )-- 7,a7
 oil or gas :i* 0 extract$ f an oil or  
gas well locat$ 9 su* =eign c\ntry1 or  
7,b7 oil1 gas1 or a prim>y product ( oil
 or gas :i* is sold by ! =eign          
corporation or a relat$ p]son = use or  
consumption )9 su* c\ntry or is load$ 9 
su* c\ntry on a vessel or aircraft z    
fuel = su* vessel or aircraft4  ,su* t]m
 %all n include any =eign p]sonal hold+ 
company income 7z def9$ 9 subsection    
7c774  7#b7 ,p>agraph 7#a7 applies only 
:]e corporation has produc$ #a1jjj      
b>rels p] day or m  7,a7 ,9 g5]al ,! t]m

 =eign base company oil relat$ income   
%all n include any income ( a =eign     
corporation if su* corporation is n a   
l>ge oil produc] = ! taxable ye>4  7,b7 
,l>ge oil produc] ,= purposes (         
subp>agraph 7,a71 ! t]m l>ge oil produc]
 means any corporation if1 = ! taxable  
ye> or = ! prec$+ taxable ye>1 ! av]age 
daily production ( =eign crude oil &    
natural gas ( ! relat$ gr\p :i* includes
 su* corporation equal$ or exce$$ #a1jjj
 b>rels4  7,c7 ,relat$ gr\p ,! t]m      
relat$ gr\p means a gr\p consi/+ ( !    
=eign corporation & any o!r p]son :o is 
a relat$ p]son ) respect to su*         
corporation4  7,d7 ,av]age daily        
production ( =eign crude oil & natural  
gas ,= purposes ( ?is p>agraph1 ! av]age
 daily production ( =eign crude oil or  
natural gas ( any relat$ gr\p = any     
taxable ye> 7& ! conv]sion ( cubic feet 
( natural gas into b>rels7 %all be      
det]m9$ "u rules simil> to ! rules (    
section #fac;,a 7z 9 effect on ! day    
be=e ! date ( enactm5t ( ! ,end ,pollut]

 ,welf>e ,act ( #bjbj7 except t only    
crude oil or natural gas f a well locat$
 outside ! ,unit$ ,/ates %all be tak5   
into acc\nt4  4  7c7 ,con=m+ am5dm5ts   
7#a7 ,section #ieb7;c77#a77;,b77iii7 ( !
 ,int]nal ,rev5ue ,code ( #aihf is am5d$
 by r$esignat+ subclauses 7,i7 ?r\gh    
7,,iv7 z subclause 7,,ii7 ?r\gh 7,v71   
respectively1 & by ins]t+ be=e subclause
 7,,ii7 7z s r$esignat$7 ! foll[+3  7,i7
 =eign base company oil relat$ income1  
4  7#b7 ,section #ied7;b7 ( su* ,code is
 am5d$-- 7,a7 by ins]t+ at ! end (      
p>agraph 7#d7 ! foll[+3 ,! prec$+ s5t5ce
 %all n apply to =eign base company     
oil-relat$ income describ$ 9 subsection 
7a77#d742  7,b7 by /rik+ & ! =eign base 
company s]vices income 9 p>agraph 7#e7 &
 ins]t+ ! =eign base company s]vices    
income1 & ! =eign base company oil      
relat$ income2 &  7,c7 by add+ at ! end 
! foll[+ new p>agraph3  7#f7 ,=eign base
 company oil relat$ income n treat$ z   
ano!r k9d ( base company income ,income 
( a corporation :i* is =eign base       

company oil relat$ income %all n be     
consid]$ =eign base company income ( su*
 corporation "u p>agraph 7#b7 or 7#c7 ( 
subsection 7a74  4  7d7 ,effective date 
,! am5dm5ts made by ?is section %all    
apply to taxable ye>s ( =eign           
corporations beg9n+ aft] ! date ( !     
enactm5t ( ?is ,act & to taxable ye>s ( 
,unit$ ,/ates %>ehold]s end+ ) or )9 :i*
 su* taxable ye>s ( =eign corporations  
end4  #acd4 ,repeal ( exclusion ( =eign 
oil & gas extraction income f !         
det]m9ation ( te/$ income  7a7 ,9 g5]al 
,section #iea;,a7c77#b77;,a77i7 ( !     
,int]nal ,rev5ue ,code ( #aihf is       
am5d$-- 7#a7 by add+ & at ! end (       
subclause 7,,iii72  7#b7 by /rik+ & at !
 end ( subclause 7,,iv7 & ins]t+ ov]2 & 
7#c7 by /rik+ subclause 7,v74  7b7      
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s (    
=eign corporations beg9n+ aft] ,decemb] 
#ca1 #bjbj1 & to taxable ye>s ( ,unit$  
,/ates %>ehold]s 9 :i* or ) :i* su*     
taxable ye>s ( =eign corporations end4  

#ace4 ,t]m9ation ( cr$it = c>bon oxide  
seque/ration  7a7 ,9 g5]al ,section     
#de,q ( ! ,int]nal ,rev5ue ,code ( #aihf
 is am5d$ by add+ at ! end ! foll[+3    
7i7 ,t]m9ation ,?is section %all n apply
 ) respect to any qualifi$ c>bon oxide  
captur$ aft] ! date ( enactm5t ( ! ,end 
,pollut] ,welf>e ,act ( #bjbj4  4  7b7  
,report  7#a7 ,9 g5]al ,n lat] ?an #f   
mon?s aft] ! date ( enactm5t ( ?is ,act1
 ! ,secret>y ( ! ,treasury1 or !        
,secret>y's delegate1 %all submit a     
report to ,congress1 to be made         
available to available to ! public1 :i* 
provides ! foll[+ in=mation3 7,a7 ,!    
taxpay] id5tity in=mation ( any taxpay] 
= :i* ! c>bon oxide seque/ration cr$it  
"u section #de,q ( ! ,int]nal ,rev5ue   
,code ( #aihf 0 all[$ = any taxable ye> 
foll[+ ! enactm5t ( su* section4  7,b7  
,! total am\nt ( ! cr$it all[$ pursuant 
to su* section to ea* taxpay] describ$ 9
 subp>agraph 7,a74  7,c7 ,) respect to !
 am\nt describ$ 9 subp>agraph 7,b71 !   
am\nt ( su* cr$it all[$ ) respect to ea*

 ( ! foll[+3 7i7 ,qualifi$ c>bon oxide  
:i* 0 captur$ & dispos$ ( by ! taxpay] 9
 secure geological /orage & n us$ by !  
taxpay] z describ$ 9 clause 7ii7 or     
7iii74  7ii7 ,qualifi$ c>bon oxide :i* 0
 captur$ & us$ by ! taxpay] z a t]ti>y  
injectant 9 a qualifi$ enhanc$ oil or   
natural gas recov]y project & dispos$ ( 
by ! taxpay] 9 secure geological /orage4
  7iii7 ,qualifi$ c>bon oxide :i* 0     
captur$ & utiliz$ by ! taxpay] 9 a mann]
 describ$ 9 section #de,q7f77#e7 ( !    
,int]nal ,rev5ue ,code ( #aihf4  7#b7   
,exception f rules reg>d+ confid5tiality
 & disclosure ( returns & return        
in=mation ,section #fajc7l7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf is am5d$ by add+ 
at ! end ! foll[+3  7#bc7 ,disclosure ( 
return in=mation = public report on     
c>bon oxide seque/ration cr$it ,!       
,secret>y may disclose taxpay] id5tity  
in=mation & return in=mation to ! ext5t 
! ,secret>y deems necess>y = purposes ( 
! report issu$ pursuant to section #ace 
( ! ,end ,pollut] ,welf>e ,act ( #bjbj4 

4  #acf4 ,p[d] ,riv] ,bas9  7a7         
,designation ( ! ,p[d] ,riv] ,bas9 z a  
coal produc+ region ,z soon z           
practicable aft] ! date ( enactm5t ( ?is
 ,act1 ! ,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 &   
effective rate ( royalties paid on coal 
leases 9 ! ,p[d] ,riv] ,bas9 comp>$ to  
o!r national & int]national coal bas9s &
 m>kets2 &  7#b7 any policy             
recomm5dations to capture ! future m>ket
 value ( ! coal leases 9 ! ,p[d] ,riv]  
,bas94  #acg4 ,/udy & elim9ation (      
additional fossil fuel subsidies  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 ( ! 
,treasury or ! ,secret>y's delegate     
7ref]r$ to 9 ?is section z ! ,secret>y71
 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 ! ,secret>y 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  ,,ii ,additional     
limitations on c]ta9 fossil-fuel        
production subsidies  #bja4 ,limitation 
on c]ta9 =ms ( assi/ance "u ! ,,c>es    
,act  7a7 ,exclusion ( c]ta9 bus9esses f
 f9ancial assi/ance  7#a7 ,def9ition (  
eligible bus9ess ,section #djjb7d77;,b7 
( ! ,,c>es ,act 7,public ,law #aaf-acf2 
#acd ,/at4 #bha7 is am5d$ by ins]t+ 7o!r
 ?an a ,unit$ ,/ates bus9ess = :i* n    
less ?an #ae p]c5t ( ! rev5ue is d]iv$ f

 ! extraction1 transport1 /orage1       
export1 or ref9+ ( oil1 natural gas1 &  
coal7 aft] ,unit$ ,/ates bus9ess4  7#b7 
,loans & loan gu>antees = bus9esses     
critical to ma9ta9+ national security   
,section #djjc7;b77#c7 ( ! ,,c>es ,act  
7,public ,law #aaf-acf2 #acd ,/at4 #bha7
 is am5d$ by ins]t+ 7o!r ?an a ,unit$   
,/ates bus9ess = :i* n less ?an #ae     
p]c5t ( ! rev5ue is d]iv$ f !           
extraction1 transport1 /orage1 export1  
or ref9+ ( oil1 natural gas1 & coal7    
aft] national security4  7b7 ,limitation
 on acquisition ( f$]al leases by loan  
recipi5ts ,section #djjc7;c77#a7 ( !    
,,c>es ,act 7,public ,law #aaf-acf2 #acd
 ,/at4 #bha7 is am5d$ by add+ at ! end !
 foll[+3  7,c7 ,limitation on           
acquisition ( f$]al leases by loan      
recipi5ts ,an eligible bus9ess t        
receives a loan or loan gu>antee "u ?is 
section may n bid on1 pur*ase1 or       
acquire any ,f$]al lease or acquire a   
,f$]al lease f a ?ird p>ty until ! date 
on :i* ! ,secret>y c]tifies t any loans 

receiv$ or gu>ante$ "u ?is section h be5
 repaid4  4  7c7 ,limitation on loans & 
loan gu>antees to c]ta9 f9ancial        
in/itutions ,section #djjc ( ! ,,c>es   
,act 7,public ,law #aaf-acf2 #acd ,/at4 
#bha7 is am5d$ by add+ at ! end !       
foll[+3  7i7 ,limitation on loans & loan
 gu>antees to c]ta9 f9ancial in/itutions
 ,! ,secret>y %all n make a loan or loan
 gu>antee to1 or o!r inve/m5t 91 a      
f9ancial in/itution "u ?is section = !  
purpose ( assi/+ any bus9ess = :i* n    
less ?an #ae p]c5t ( ! rev5ue is d]iv$ f
 ! extraction1 transport1 /orage1       
export1 or ref9+ ( oil1 natural gas1 &  
coal4  4  #bjb4 ,limitations on banks   
op]at+ fossil fuel companies  7a7       
,def9itions ,9 ?is section3 7#a7 ,,c>es 
,act ,! t]m ,,c>es ,act means !         
,coronavirus ,aid1 ,relief1 & ,economic 
,security ,act 7,public ,law #aaf-acf74 
7#b7 ,cov]$ entity ,! t]m cov]$ entity  
means-- 7,a7 a solv5t insur$ depository 
in/itution or solv5t depository         
in/itution hold+ company 7includ+ any   

affiliate !re(7 t issues debt t is      
gu>ante$ "u ! program au?oriz$ by       
subsection 7h7 ( section #aaje ( !      
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act1 z add$ by    
section #djjh ( ! ,,c>es ,act2  7,b7 any
 entity issu+ loans or ext5sions ( cr$it
 describ$ 9 section #ebjj7;c77#g7 ( !   
,revis$ ,/atutes1 z am5d$ by section    
#djaa ( ! ,,c>es ,act2  7,c7 any bank   
sponsor+ a money m>ket mutual fund t    
b5efits f a gu>antee z a result ( !     
application ( section #djae7;a7 ( !     
,,c>es ,act2  7,d7 a qualify+ community 
bank t is subject to int]im rule issu$  
"u section #djab7;b77#a7 ( ! ,,c>es     
,act2 &  7,e7 an insur$ depository      
in/itution1 bank hold+ company1 or any  
affiliate !re( t does n comply ) !      
curr5t expect$ cr$it losses me?odology =
 e/imat+ all[ances = cr$it losses       
describ$ 9 section #djad7;b7 ( ! ,,c>es 
,act4  7#c7 ,cov]$ p]iod ,! t]m cov]$   
p]iod means ! p]iod beg9n+ on ! date (  
enactm5t ( ?is ,act & end+ on ! date t  

is #b ye>s aft]-- 7,a7 ) respect to a   
cov]$ entity describ$ 9 subp>agraph 7,a7
 ( p>agraph 7#b71 ! date on :i* !       
program describ$ 9 t subp>agraph        
t]m9ates2  7,b7 ) respect to a cov]$    
entity describ$ 9 subp>agraph 7,b7 (    
p>agraph 7#b71 ! date on :i* ! p]iod    
describ$ 9 section #djaa7;b7 ( ! ,,c>es 
,act expires2  7,c7 ) respect to a cov]$
 entity describ$ 9 subp>agraph 7,c7 (   
p>agraph 7#b71 ! date on :i* ! gu>antee 
describ$ 9 t subp>agraph t]m9ates2  7,d7
 ) respect to a cov]$ entity describ$ 9 
subp>agraph 7,d7 ( p>agraph 7#b71 ! date
 on :i* ! p]iod describ$ 9 section      
#djab7;b77#b7 ( ! ,,c>es ,act expires2 &
  7,e7 ) respect to a cov]$ entity      
describ$ 9 subp>agraph 7,e7 ( p>agraph  
7#b71 ! date on :i* ! p]iod describ$ 9  
section #djad7;b7 ( ! ,,c>es ,act       
expires4  7b7 ,prohibition ,dur+ ! cov]$
 p]iod1 no cov]$ entity1 or subsidi>y or
 affiliate ( a cov]$ entity1 may take a 
new equity /ake or o!rwise own or       
op]ate1 or sponsor or reta9 an own]%ip  

int]e/ 9 any fund t takes an own]%ip    
/ake 9 dur+ ! cov]$ p]iod1 any bus9ess =
 :i* #ae p]c5t or m ( ! rev5ue is d]iv$ 
f ! extraction1 transport1 /orage1      
export1 & ref9+ ( oil1 natural gas1 &   
coal4  #bjc4 ,moratorium on oil &       
natural gas lease sales1 noncompetitive 
leases = oil or natural gas1 ! issuance 
( coal leases1 & modifications to c]ta9 
regulations ,not)/&+ any o!r provision (
 law1 dur+ ! p]iod beg9n+ on ! date (   
enactm5t ( ?is ,act & end+ on !         
t]m9ation date ( ! national em]g5cy     
decl>$ by ! ,presid5t "u ! ,national    
,em]g5cies ,act 7#ej ,u4,s4,c4 #afja et 
seq47 ) respect to ! ,coronavirus       
,disease #bjai 7,,covid-#ai71 !         
,secret>y ( ! ,int]ior %all n-- 7#a7    
conduct any lease sales = oil or natural
 gas2  7#b7 issue any noncompetitive    
leases = oil or natural gas2  7#c7 issue
 any coal leases2 or  7#d7 modify any   
regulations relat+ to oil1 natural gas1 
or coal4  #bjd4 ,/rategic ,petroleum    
,res]ve  7a7 ,maximum /orage capacity   

7#a7 ,9 g5]al ,section #aed7;a7 ( !     
,en]gy ,policy & ,cons]vation ,act 7#db 
,u4,s4,c4 #fbcd7;a77 is am5d$ by /rik+  
#a billion b>rels & ins]t+ #gad1ejj1jjj 
b>rels4  7#b7 ,con=m+ am5dm5ts  7,a7    
,section #cja7;e7 ( ! ,en]gy ,policy    
,act ( #bjje 7#db ,u4,s4,c4 #fbdj note2 
,public ,law #aji-eh7 is am5d$ by /rik+ 
p>agraph 7#a74  7,b7 ,section #aei ( !  
,en]gy ,policy & ,cons]vation ,act 7#db 
,u4,s4,c4 #fbci7 is am5d$ by /rik+      
subsection 7j74  7b7 ,developm5t1       
op]ation1 & ma9t5ance ( ,res]ve ,section
 #aei ( ! ,en]gy ,policy & ,cons]vation 
,act 7#db ,u4,s4,c4 #fbci7 7z am5d$ by  
subsection 7a77#b77;,b77 is am5d$-- 7#a7
 by r$esignat+ subsections 7f71 7g71    
7k71 & 7l7 z subsections 7a71 7b71 7c71 
& 7d71 respectively2 &  7#b7 by ins]t+  
aft] subsection 7d7 7z s r$esignat$7 !  
foll[+3  7e7 ,prohibition ( /orage (    
petroleum products n own$ by ! ,unit$   
,/ates ,! ,secret>y may n /ore 9 a      
/orage or relat$ facility ( ! ,/rategic 
,petroleum ,res]ve own$ by or leas$ to !

 ,unit$ ,/ates any petroleum products t 
are n own$ by ! ,unit$ ,/ates4  4  7c7  
,repeal ( royalty-9-,k9d provision      
,title ,i ( ,! ,dep>tm5t ( ! ,int]ior1  
,environm5t1 & ,relat$ ,ag5cies         
,appropriations ,act1 #bjjf 7,public    
,law #aji-ed2 #aai ,/at4 #eab71 is am5d$
 9 ! matt] "u ! head+ ,royalty & (f%ore 
m9]als managem5t "u ! head+ ,m9]als     
,managem5t ,s]vice "u ! head+ ,dep>tm5t 
( ! ,int]ior by /rik+ ! fif? proviso    
7#cj ,u4,s4,c4 #ageh74  #bje4           
,limitation on availability ( funds "u !
 ,def5se ,production ,act ( #aiej ,a    
fossil fuel company %all n be eligible =
 f9ancial assi/ance made available 9    
connection ) ! national em]g5cy decl>$  
by ! ,presid5t "u ! ,national ,em]g5cies
 ,act 7#ej ,u4,s4,c4 #afja et seq47 )   
respect to ! ,coronavirus ,disease #bjai
 7,,covid-#ai7 "u title ,,iii ( !       
,def5se ,production ,act ( #aiej 7#ej   
,u4,s4,c4 #deca et seq471 includ+ ?r\gh 
a loan gu>antee1 loan1 direct inve/m5t1 
or price gu>antee "u t title4  #bjf4    

,repeal ( royalty relief provisions  7a7
 ,repeal ,section #ci ( ! ,m9]al ,leas+ 
,act 7#cj ,u4,s4,c4 #bji7 is repeal$4   
7b7 ,con=m+ am5dm5ts  7#a7 ,section     
#hgba7;b7 ( title #aj1 ,unit$ ,/ates    
,code1 is am5d$ by /rik+ #bjb-bji &     
ins]t+ #bjb-bjh4  7#b7 ,section         
#hgce7;a7 ( title #aj1 ,unit$ ,/ates    
,code1 is am5d$ by /rik+ #bjb-bji &     
ins]t+ #bjb-bjh4  7#c7 ,section #ca7;h7 
( ! ,m9]al ,leas+ ,act 7#cj ,u4,s4,c4   
#ahh7;h77 is am5d$ by /rik+ & !         
provisions ( section #ci ( ?is ,act4    
#bjg4 ,ext5sion ( public comm5t p]iods &
 susp5sion ( rulemak+  7a7 ,ext5sion (  
public comm5t p]iods ,not)/&+ any o!r   
provision ( law1 ! heads ( ,f$]al       
ag5cies %all keep op5 any public comm5t 
p]iod t 0 op5 z ( ,m>* #ac1 #bjbj1 dur+ 
! p]iod beg9n+ on ! date ( enactm5t (   
?is ,act & end+ on a date1 z designat$  
by ! head ( ! applicable ,f$]al ag5cy1 t
 is n e>li] ?an #cj days aft] ! date on 
:i* ! ,national ,em]g5cy decl>$ by !    
,presid5t "u ! ,national ,em]g5cies ,act

 7#ej ,u4,s4,c4 #afja et seq47 ) respect
 to ! ,coronavirus ,disease #bjai       
7,,covid-#ai7 is t]m9at$4  7b7          
,susp5sion ( rulemak+ ,not)/&+ any o!r  
provision ( law1 unless ! head ( a      
,f$]al ag5cy det]m9es t a rulemak+ is   
specifically requir$ to respond to1 or  
recov] f1 ! ,coronavirus ,disease #bjai 
7,,covid-#ai7 p&emic1 ! head ( a ,f$]al 
ag5cy %all n initiate any new           
adm9i/rative rulemak+ dur+ ! p]iod      
beg9n+ on ! date ( enactm5t ( ?is ,act &
 end+ on a date1 z designat$ by ! head (
 ! applicable ,f$]al ag5cy1 t is n e>li]
 ?an ! date #cj days aft] ! date on :i* 
! ,national ,em]g5cy decl>$ by !        
,presid5t "u ! ,national ,em]g5cies ,act
 7#ej ,u4,s4,c4 #afja et seq47 ) respect
 to ! ,coronavirus ,disease #bjai       
7,,covid-#ai7 is t]m9at$4