,,ii  #aai? ,,congress  #a/ ,session    
,s4 #bddd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bd1 #bjbe ,mr4  
,s&]s 7= himself1 ,ms4 ,w>r51 ,mr4      
,m]kley1 ,mr4 ,wel*1 ,mr4 ,van ,holl51  
,mr4 ,m>key1 & ,mr4 ,book]7 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 ( #bjbe4  #b4     
,table ( cont5ts  ,! table ( cont5ts =  
?is ,act is z foll[s3  ,sec4 #a4 ,%ort  
title4 ,sec4 #b4 ,table ( cont5ts4      
,,title ,i--,elim9ation ( fossil fuel   
subsidies ,sec4 #aja4 ,def9ition (      
fossil fuel4 ,sec4 #ajb4 ,royalty       
relief4 ,sec4 #ajc4 ,royalties "u ,m9]al
 ,leas+ ,act4 ,sec4 #ajd4 ,(f%ore oil & 
gas royalty rate4 ,sec4 #aje4           
,elim9ation ( int]e/ paym5ts = royalty  
ov]paym5ts4 ,sec4 #ajf4 ,removal (      
limits on liability = (f%ore facilities 
& pipel9e op]ators4 ,sec4 #ajg4         

,re/rictions on use ( appropriat$ funds 
by int]national f9ancial in/itutions =  
projects t support fossil fuel4 ,sec4   
#ajh4 ,(fice ( ,fossil ,en]gy & ,c>bon  
,managem5t4 ,sec4 #aji4 ,loan ,programs 
,(fice ( ! ,dep>tm5t ( ,en]gy4 ,sec4    
#aaj4 ,,usda assi/ance = c>bon capture &
 /orage sy/ems4 ,sec4 #aaa4 ,advanc$    
,rese>* ,projects ,ag5cy--,en]gy4 ,sec4 
#aab4 ,inc5tives = innovative           
te*nologies4 ,sec4 #aac4 ,rural ,utility
 ,s]vice loan gu>antees4 ,sec4 #aad4    
,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 #aae4        
,transportation funds = grants1 loans1  
loan gu>antees1 & o!r direct assi/ance4 
,sec4 #aaf4 ,elim9ation ( exclusion (   
c]ta9 l5d]s z own]s or op]ators "u      
,,c]cla4 ,,title ,,ii--,am5dm5ts to     
,int]nal ,rev5ue ,code ( #aihf ,sec4    
#bja4 ,t]m9ation ( v>i\s tax exp5ditures

 relat+ to fossil fuels4 ,sec4 #bjb4    
,t]m9ation ( c]ta9 d$uctions & cr$its   
relat$ to fossil fuels4 ,sec4 #bjc4     
,uni=m sev5-ye> amortization =          
geological & geophysical exp5ditures4   
,sec4 #bjd4 ,natural gas ga!r+ l9es     
treat$ z #ae-ye> prop]ty4 ,sec4 #bje4   
,t]m9ation ( la/-91 fir/-out me?od (    
inv5tory = oil1 natural gas1 & coal     
companies4 ,sec4 #bjf4 ,repeal (        
p]c5tage depletion = coal & h>d m9]al   
fossil fuels4 ,sec4 #bjg4 ,t]m9ation (  
capital ga9s treatm5t = royalties f     
coal4 ,sec4 #bjh4 ,modifications ( =eign
 tax cr$it rules applicable to oil & gas
 indu/ry taxpay]s receiv+ specific      
economic b5efits4 ,sec4 #bji4 ,increase 
9 oil spill liability tru/ fund f9anc+  
rate4 ,sec4 #baj4 ,application ( c]ta9  
environm5tal taxes to syn!tic crude oil4
 ,sec4 #baa4 ,d5ial ( d$uction = removal
 co/s & damages = c]ta9 oil spills4     
,sec4 #bab4 ,tax on crude oil & natural 
gas produc$ f ! out] ,cont95tal ,%elf 9 
! ,gulf ( ,mexico4 ,sec4 #bac4 ,repeal (

 corporate income tax exemption =       
publicly trad$ p>tn]%ips ) qualify+     
income & ga9s f activities relat+ to    
fossil fuels4 ,sec4 #bad4 ,amortization 
( qualifi$ t]ti>y injectant exp5ses4    
,sec4 #bae4 ,amortization ( developm5t  
exp5ditures4 ,sec4 #baf4 ,amortization (
 c]ta9 m9+ exploration exp5ditures4     
,sec4 #bag4 ,amortization ( intangible  
drill+ & developm5t co/s 9 ! case ( oil 
& gas wells4 ,sec4 #bah4 ,increase 9    
excise tax rate = fund+ ( ,black ,lung  
,disability ,tru/ ,fund4 ,sec4 #bai4    
,elim9ation ( r5ewable electricity      
production cr$it eligibility = ref9$    
coal4 ,sec4 #bbj4 ,treatm5t ( =eign oil 
relat$ income z subp>t ,f income4 ,sec4 
#bba4 ,repeal ( exclusion ( =eign oil & 
gas extraction income f ! det]m9ation ( 
te/$ income4 ,sec4 #bbb4 ,t]m9ation (   
cr$it = c>bon oxide seque/ration4 ,sec4 
#bbc4 ,elim9ate drawbacks on petroleum  
taxes4 ,sec4 #bbd4 ,modify+ clean       
hydrog5 production cr$it4 ,,title       
,,iii--,repeal rec5t fossil fuel subsidy

 legislation ,sec4 #cja4 ,,build] ,act4 
,sec4 #cjb4 ,inflation ,r$uction ,act4  
,sec4 #cjc4 ,"o ,big ,beautiful ,bill   
,act4 ,sec4 #cjd4 ,wa/e emissions *>ge  
rule4 ,,title ,,iv--,elim9ation ( o!r   
fossil fuel subsidies ,sec4 #dja4 ,/udy 
& elim9ation ( additional fossil fuel   
subsidies4  ,i  ,elim9ation ( fossil    
fuel subsidies  #aja4  ,def9ition (     
fossil fuel  ,9 ?is ,act1 ! t]m fossil  
fuel means coal1 petroleum1 natural gas1
 or any d]ivative ( coal1 petroleum1 or 
natural gas t is us$ = 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$4  7#c7  ,cl]ical     
am5dm5t  ,! table ( cont5ts 9 section   
#a7;b7 ( ! ,en]gy ,policy ,act ( #bjje  
7,public ,law #aji-eh2 #aai ,/at4 #eif7 
is am5d$ by /rik+ ! items relat+ to     
sections #cdd & #cde4  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$-- 7#a7 9 subsection 7b7--  7,a7 9 
p>agraph 7#a77;,a71 9 ! fif? s5t5ce1 by 
/rik+ #afb_/c p]c5t ea* place x appe>s &
 ins]t+ #ahc_/d p]c5t2 &  7,b7 9        
p>agraph 7#b77;,a77ii71 by /rik+ #afb_/c
 p] c5tum & ins]t+ n less ?an #ahc_/d   
p]c5t2  7#b7 9 subsection 7l71 by /rik+ 
#afb_/c p] c5tum ea* place x appe>s &   
ins]t+ #ahc_/d p]c5t2 &  7#c7 9         
subsection 7n77#a77;,c71 by /rik+       
#afb_/c p] c5tum & ins]t+ n less ?an    
#ahc_/d p]c5t4  #ajd4  ,(f%ore oil & gas
 royalty rate  ,section #h7;a77#a7 ( !  
,out] ,cont95tal ,%elf ,l&s ,act 7#dc   
,u4,s4,c4 #accg7;a77#a77 is am5d$ by    
/rik+ #afb_/c p]c5t1 b n m ?an #ahc_/d  
p]c5t1 dur+ ! #aj-ye> p]iod beg9n+ on ! 
date ( enactm5t ( ! ,act titl$ ,an ,act 
to provide = reconciliation pursuant to 
title ,,ii ( ,s4 ,con4 ,res4 #ad1 & n   
less ?an #afb_/c p]c5t !reaft]1 ea*     
place x appe>s & ins]t+ #ahc_/d p]c5t14 
#aje4  ,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  #ajf4  ,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   
#ajg4  ,re/rictions on use ( appropriat$

 funds by int]national f9ancial         
in/itutions = projects t support fossil 
fuel  7a7  ,def9ition ( int]national    
f9ancial in/itution  ,9 ?is section1 !  
t]m int]national f9ancial in/itution    
means--  7#a7 ea* in/itution describ$ 9 
section #agja7;c7 ( ! ,int]national     
,f9ancial ,in/itutions ,act 7#bb        
,u4,s4,c4 #bfbr7c772 &  7#b7 ! ,nor?    
,am]ican ,developm5t ,bank4  7b7        
,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  7c7  ,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  #ajh4  ,(fice ( ,fossil 
,en]gy & ,c>bon ,managem5t  7a7         
,t]m9ation ( au?ority  ,not)/&+ any o!r 
provision ( law1 ! au?ority ( !         
,secret>y ( ,en]gy to c>ry out ! ,(fice 
( ,fossil ,en]gy & ,c>bon ,managem5t ( !
 ,dep>tm5t ( ,en]gy is t]m9at$4  7b7    
,rescission  ,not)/&+ any o!r provision 
( law-- 7#a7 all am\nts made available =
 ! ,(fice ( ,fossil ,en]gy & ,c>bon     
,managem5t t rema9 unobligat$ z ( ! date
 ( enactm5t ( ?is ,act are resc9d$2 &   
7#b7 no am\nts made available aft] !    
date ( enactm5t ( ?is ,act = ! ,(fice ( 
,fossil ,en]gy & ,c>bon ,managem5t %all 
be exp5d$1 o!r ?an su* am\nts z are     

necess>y to cov] co/s incurr$ 9 t]m9at+ 
ongo+ rese>* ( ! ,(fice ( ,fossil ,en]gy
 & ,c>bon ,managem5t1 z det]m9$ by !    
,secret>y ( ,en]gy1 9 consultation ) o!r
 appropriate ,f$]al ag5cies4  #aji4     
,loan ,programs ,(fice ( ! ,dep>tm5t (  
,en]gy  7a7  ,prohibition  ,subject to  
subsection 7b71 none ( ! funds made     
available to ! ,loan ,programs ,(fice ( 
! ,dep>tm5t ( ,en]gy %all be us$ to c>ry
 out any project t supports fossil fuel1
 c>bon capture1 or hydrog54  7b7        
,exception  ,! prohibition on ! use (   
funds = hydrog5 projects "u subsection  
7a7 does n apply to projects t support  
qualifi$ clean hydrog5 7z def9$ 9       
section #de,v7c7 ( ! ,int]nal ,rev5ue   
,code ( #aihf 7z am5d$ by section       
#bbd7;a77#c7774  #aaj4  ,,usda assi/ance
 = c>bon capture & /orage sy/ems        
,section #ijjc7;j77#a7 ( ! ,f>m         
,security & ,rural ,inve/m5t ,act (     
#bjjb 7#g ,u4,s4,c4 #hajc7;j77#a77 is   
am5d$--  7#a7 by ins]t+ & aft] r5ewable 
en]gy sy/ems12 &  7#b7 by /rik+ & c>bon 

capture & /orage sy/ems14  #aaa4        
,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  #aab4  ,inc5tives = innovative   
te*nologies  7a7  ,9 g5]al  ,section    
#agjc ( ! ,en]gy ,policy ,act ( #bjje   
7#db ,u4,s4,c4 #afeac7 is am5d$--  7#a7 
9 subsection 7b7-- 7,a7 by /rik+        
p>agraphs 7#b7 & 7#aj72 &  7,b7 by      
r$esignat+ p>agraphs 7#c71 7#d71 7#e71  
7#f71 7#g71 7#h71 7#i71 7#aa71 7#ab71 & 
7#ac7 z p>agraphs 7#b71 7#c71 7#d71     
7#e71 7#f71 7#g71 7#h71 7#i71 7#aj71 &  
7#aa7 respectively2  7#b7 by /rik+      
subsection 7c72 &  7#c7 by r$esignat+   
subsections 7d7 ?r\gh 7f7 z subsections 
7c7 ?r\gh 7e71 respectively4  7b7       
,con=m+ am5dm5t  ,section #agjd ( !     
,en]gy ,policy ,act ( #bjje 7#db        
,u4,s4,c4 #afead7 is am5d$--  7#a7 by   
/rik+ subsection 7b72 &  7#b7 by        
r$esignat+ subsection 7c7 z subsection  

7b74  #aac4  ,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  #aad4     
,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
 ,corporation1 ! ,export-,import ,bank (
 ! ,unit$ ,/ates1 ! ,unit$ ,/ates ,trade
 & ,developm5t ,ag5cy1 ! ,unit$ ,/ates  
,ag5cy = ,int]national ,developm5t1 or !
 ,mill5nium ,*all5ge ,corporation 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     
#aae4  ,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  #aaf4
  ,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 an 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 a 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  ,,ii   
,am5dm5ts to ,int]nal ,rev5ue ,code (   
#aihf  #bja4  ,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 ( #bjbe3  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 ( #bjbe3 
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 ( #bjbe3  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$it7 aft] ! date ( ! enactm5t 
( ! ,end ,pollut] ,welf>e ,act ( #bjbe4 
7e7  ,arbitrage bonds  ,section         
#adh7;b77#d7 7relat+ to safe h>bor =    
prepaid natural gas7 %all n apply to    
obligations issu$ aft] ! date ( !       
enactm5t ( ! ,end ,pollut] ,welf>e ,act 
( #bjbe4  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  #bjb4        
,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 ( #bjbe4  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 
( #bjbe4  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 ( #bjbe4  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 ( #bjbe1 &  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 ( #bjbe4  4      
#bjc4  ,uni=m sev5-ye> amortization =   
geological & geophysical exp5ditures    
7a7  ,9 g5]al  ,section #afg7;h7 ( !    
,int]nal ,rev5ue ,code ( #aihf is       
am5d$-- 7#a7 by /rik+ #bd-mon? p]iod ea*
 place x appe>s 9 p>agraphs 7#a7 & 7#d7 
& ins]t+ #hd-mon? p]iod1  7#b7 by /rik+ 
p>agraph 7#b7 & ins]t+ ! foll[+3  7#b7  
,mid-mon? conv5tion ,= purposes (       
p>agraph 7#a71 any paym5t paid or       
incurr$ dur+ any mon? %all be treat$ z  

paid or incurr$ on ! mid-po9t ( su*     
mon?4  1 &  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  #bjd4  ,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 7vi71 by   
/rik+ ! p]iod at ! end ( clause 7vii7 & 
ins]t+ 1 &1 & by add+ at ! end ! foll[+ 
new clause3  7viii7 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,e77vii7 !  
foll[+ new item3  7,e77viii7  #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 ( #bjbe 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  #bje4  ,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 ( #bjbe4  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 
( #bjbe4  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]1 
&  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  #bjf4  ,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 
( #bjbe4  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  #bjg4  ,t]m9ation 

( capital ga9s treatm5t = royalties f   
coal  7a7  ,9 g5]al  ,subsection 7c7 (  
section #fca ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$--  7#a7 by /rik+ coal  
7includ+ lignite71 or iron ore & ins]t+ 
iron ore1  7#b7 by /rik+ coal or iron   
ore ea* place x appe>s & ins]t+ iron    
ore1  7#c7 by /rik+ iron ore or coal ea*
 place x appe>s & ins]t+ iron ore1 &    
7#d7 by /rik+ coal or 9 ! head+4  7b7   
,con=m+ am5dm5ts  7#a7 ,! head+ (       
section #fca ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$ 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  #bjh4          
,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  #bji4    
,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 ! end1  7,b7 9      
clause 7ii71 by /rik+ ! p]iod at ! end &
 ins]t+ 1 &1 &  7,c7 by add+ at ! end ! 

foll[+3  7iii7 9 ! case ( crude oil     
receiv$ or petroleum products ent]$ aft]
 ,decemb] #ca1 #bjbe1 #aj c5ts a b>rel4 
1 &  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]        
,decemb] #ca1 #bjbe4  #baj4             
,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  #baa4  ,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$esignat+ p>agraph 7#e7
 z p>agraph 7#f71 &  7#b7 by ins]t+ aft]
 p>agraph 7#d7 ! foll[+3  7#e7 ,exp5ses 
= removal co/s & damages relat+ to c]ta9
 oil spill liability ,not)/&+ p>agraphs 
7#b7 & 7#c71 no d$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  #bab4  ,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 #bjbe4  #bac4  ,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  #bad4             

,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  1 &  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  #bae4  ,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$-- 7,a7 9   
p>agraph 7#b7--  7i7 9 subp>agraph 7,c71
 by ins]t+ or at ! end1  7ii7 by /rik+  
subp>agraph 7,d71 &  7iii7 by r$esignat+
 subp>agraph 7,e7 z subp>agraph 7,d71 & 
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$-- 7,a7 9 p>agraph 7#a77;,b71 by   
/rik+ #faf7;a7 or1  7,b7 9 p>agraph     
7#b71 by /rik+ 1 #faf7;a711 &  7,c7 9   
p>agraph 7#c71 by /rik+ 1 #faf7;a714    
7#g7 ,section #cab7n77#b77;,b7 ( su*    
,code is am5d$ 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  #baf4    
,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 #bae7;b77#b71 is am5d$ by /rik+
 p>agraph 7#b74  7#c7 ,section #ei7;e7 (
 su* ,code1 z am5d$ by section          
#bae7;b77#c71 is am5d$--  7,a7 9        
p>agraph 7#b7-- 7i7 9 subp>agraph 7,b71 
by ins]t+ or at ! end1  7ii7 9          
subp>agraph 7,c71 by /rik+ ! comma at ! 
end & ins]t+ a p]iod1 &  7iii7 by /rik+ 
subp>agraph 7,d71 &  7,b7 by /rik+      
p>agraph 7#e7 & ins]t+ ! foll[+3  7#e7  
,dispositions  ,9 ! case ( any          
disposition ( prop]ty to :i* section    
#abed applies 7det]m9$ )\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$-- 7,a7 9  
p>agraph 7#a71 by /rik+ #fag7;d77#a711 &
  7,b7 9 p>agraph 7#c77;,d71 by /rik+   
#fag14  7#e7 ,section #bfc;,a7c77#c7 (  
su* ,code1 z am5d$ by section           
#bae7;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           
#bae7;b77#f71 is am5d$--  7,a7 9 !      
head+1 by /rik+ & m9]al exploration &   
developm5t co/s1  7,b7 by /rik+ p>agraph
 7#a7 & ins]t+ ! foll[+3  7#a7 ,9 g5]al 
,9 ! case ( an integrat$ 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  1  7,c7 9 p>agraph 
7#b71 by /rik+ or #fag7;a7 7z ! case may
 be71 &  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 #bae7;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 ! end1  7,b7 by     
/rik+ p>agraph 7#b71 &  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 ( #bjbe 
aft] section #fag7;f77#b71 &  7,b7 by   
/rik+ #fag7;d77#a714  7#aj7 ,section    
#abed7;a77#a77;,a77i7 ( su* ,code1 z    
am5d$ by section #bae7;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  #bag4    
,amortization ( intangible drill+ &     
developm5t co/s 9 ! case ( oil & gas    
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
  7#a7  ,geo!rmal wells  ,not)/&+       
subsection 7a71 & except z provid$ 9    
subsection 7i71 a taxpay] may elect to  
d$uct z exp5ses intangible drill+ &     
developm5t co/s 9 ! case ( wells drill$ 
= any geo!rmal deposit 7z def9$ 9       
section #fac7;e77#b77 9 su* mann] z !   
,secret>y provides4 ,?is subsection %all
 n apply ) respect to any co/s to :i*   
any d$uction is all[$ "u section        
#ei7;e74  7#b7  ,oil & gas wells        

,not)/&+ subsection 7a71 & except z     
provid$ 9 subsection 7i71 9 ! case ( any
 exp5ses paid or incurr$ 9 taxable ye>s 
beg9n+ aft] ! date ( ! enactm5t ( ,end  
,pollut] ,welf>e ,act ( #bjbe 9         
connection ) intangible drill+ &        
developm5t co/s relat$ to oil & gas     
wells--  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 
p>agraph1 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 p>agraph %all cont9ue ) respect to  
su* paym5t4  4  7b7  ,con=m+ am5dm5ts   

7#a7 ,p>agraph 7#b7 ( section #eg7;a7 ( 
! ,int]nal ,rev5ue ,code ( #aihf is     
am5d$ to read z foll[s3  7#b7           
,intangible drill+ co/s  7,a7  ,9 g5]al 
,) respect to all geo!rmal prop]ties ( !
 taxpay]1 ! am\nt 7if any7 by :i* !     
am\nt ( ! excess intangible drill+ co/s 
aris+ 9 ! taxable ye> is great] ?an #fe 
p]c5t ( ! net income ( ! taxpay] f      
geo!rmal prop]ties = ! taxable ye>4     
7,b7  ,excess intangible drill+ co/s  ,=
 purposes ( subp>agraph 7,a71 ! am\nt ( 
! excess intangible drill+ co/s aris+ 9 
! taxable ye> is ! excess (--  7i7 !    
intangible drill+ & developm5t co/s paid
 or incurr$ 9 connection ) geo!rmal     
wells 7o!r ?an co/s incurr$ 9 drill+ a  
nonproductive well7 all[able "u section 
#bfc7;c77#a7 = ! taxable ye>1 ov]  7ii7 
! am\nt :i* w\ld h be5 all[able = !     
taxable ye> if su* co/s _h be5          
capitaliz$ & /raight l9e recov]y (      
intangibles 7z def9$ 9 subsection 7b77  
_h be5 us$ ) respect to su* co/s4  7,c7 
,net income f geo!rmal prop]ties  ,=    

purposes ( subp>agraph 7,a71 ! am\nt ( !
 net income ( ! taxpay] f geo!rmal      
prop]ties = ! taxable ye> is ! excess   
(--  7i7 ! aggregate am\nt ( gross      
income 7)9 ! mean+ ( section #fac7;a77 f
 all geo!rmal prop]ties ( ! taxpay]     
receiv$ or accru$ by ! taxpay] dur+ !   
taxable ye>1 ov]  7ii7 ! am\nt ( any    
d$uctions allocable to su* prop]ties    
r$uc$ by ! excess describ$ 9 subp>agraph
 7,b7 = su* taxable ye>4  4  7#b7       
,section #ei7;e7 ( su* ,code1 z am5d$ by
 sections #bae & #baf1 is am5d$--  7,a7 
9 p>agraph 7#b77;,c71 by /rik+ section  
#bfc7;c7 & ins]t+ section #bfc7;c77#a71 
&  7,b7 9 p>agraph 7#e71 by /rik+       
section #bfc7;c7 & ins]t+ section       
#bfc7;c77#a74  7#c7 ,section            
#bfc;,a7c77#c7 ( su* ,code1 z am5d$ by  
sections #bae & #baf1 is am5d$--  7,a7 9
 ! head+1 by /rik+ oil & gas & ins]t+   
geo!rmal1 &  7,b7 by /rik+ #bfc7;c71 &  
ins]t+ #bfc7;c77#a74  7#d7 ,section #bia
 ( su* ,code1 z am5d$ by sections #bae &
 #baf1 is am5d$ by /rik+ subsection 7b74

  7#e7 ,section #cab7n7 ( su* ,code1 z  
am5d$ by sections #bae & #baf1 is am5d$ 
by /rik+ section #bfc7;c71 & ins]t+     
section #bfc7;c77#a74  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  #bah4    
,increase 9 excise tax rate = fund+ (   
,black ,lung ,disability ,tru/ ,fund    
7a7  ,9 g5]al  ,section #daba7;b7 ( !   
,int]nal ,rev5ue ,code ( #aihf is       
am5d$-- 7#a7 9 p>agraph 7#a71 by /rik+  
#a4aj & ins]t+ #a4ch1 &  7#b7 9 p>agraph
 7#b71 by /rik+ 4#ee & ins]t+ #j4fi4    
7b7  ,effective date  ,! am5dm5ts made  
by ?is section %all apply on & aft] !   
fir/ day ( ! fir/ cal5d> mon? beg9n+    
aft] ! date ( ! enactm5t ( ?is ,act4    
#bai4  ,elim9ation ( r5ewable           
electricity production cr$it eligibility
 = ref9$ coal  7a7  ,9 g5]al  ,section  
#de ( ! ,int]nal ,rev5ue ,code ( #aihf  
is am5d$-- 7#a7 9 subsection 7b77#b7--  
7,a7 9 ! fir/ s5t5ce1 by /rik+ 1 ! #h   

c5t am\nt & all t foll[s ?r\gh 9 #bjjb &
 ins]t+ & ! #h c5t am\nt 9 p>agraph     
7#a71 &  7,b7 9 ! ?ird s5t5ce1 by /rik+ 
,9 any o!r case1 if an am\nt & ins]t+   
,if ! #h c5t am\nt1  7#b7 9 subsection  
7c71 by /rik+ p>agraph 7#g71  7#c7 9    
subsection 7d71 by /rik+ p>agraph 7#h71 
&  7#d7 9 subsection 7e7-- 7,a7 by /rik+
 p>agraph 7#h71 &  7,b7 by /rik+        
p>agraph 7#i7 & ins]t+ ! foll[+3  7#i7  
,coord9ation ) cr$it = produc+ fuel f a 
nonconv5tional s\rce ,! t]m qualifi$    
facility %all n include any facility :i*
 produces electricity f gas d]iv$ f !   
biodegradation ( municipal solid wa/e if
 su* biodegradation occurr$ 9 a facility
 7)9 ! mean+ ( section #de,k7 !         
production f :i* is all[$ z a cr$it "u  
section #de,k = ! taxable ye> or any    
prior taxable ye>4  4  7b7  ,con=m+     
am5dm5ts  7#a7 ,section                 
#ch7;c77#d77;,b77iv7 ( ! ,int]nal       
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
or ref9$ coal4  7#b7 ,section           
#de,k7g77#b7 ( su* ,code is am5d$ by    

/rik+ subp>agraph 7,e74  7c7  ,effective
 date  ,! am5dm5ts made by ?is section  
%all apply to coal produc$ aft] ,decemb]
 #ca1 #bjbe4  #bbj4  ,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 7f7 & 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 
7f7  ,=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 ( #bjbe7 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$esignat+ subclauses 7,i7 ?r\gh    
7,,iv7 z subclauses 7,,ii7 ?r\gh 7,v71  
respectively1 & by ins]t+ be=e subclause
 7,,ii7 7z s r$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#d741  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$ income1 &  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  #bba4  ,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$--  7#a7 by add+ & at ! end (      
subclause 7,,iii71  7#b7 by /rik+ & at !
 end ( subclause 7,,iv7 & ins]t+ ov]1 & 
7#c7 by /rik+ subclause 7,v74  7b7      
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s (    
=eign corporations beg9n+ aft] ! date ( 
enactm5t ( ?is ,act1 & to taxable ye>s (
 ,unit$ ,/ates %>ehold]s 9 :i* or ) :i* 
su* taxable ye>s ( =eign corporations   
end4  #bbb4  ,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  7j7  ,t]m9ation  ,?is section
 %all n apply ) respect to any qualifi$ 
c>bon oxide captur$ aft] ! date (       
enactm5t ( ! ,end ,pollut] ,welf>e ,act 
( #bjbe4  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 ! 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 #bbb ( ! ,end ,pollut] ,welf>e  
,act ( #bjbe4  4  #bbc4  ,elim9ate      
drawbacks on petroleum taxes  7a7  ,9   
g5]al  ,section #cac7;j7 ( ! ,t>iff ,act
 ( #aicj 7#ai ,u4,s4,c4 #acac7;j77 is   
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#g7 ,no am\nt ( any tax     
impos$ on any m]*&ise pursuant to       
section #dfaa ( ! ,int]nal ,rev5ue ,code
 ( #aihf %all be eligible to be refund$ 
z drawback "u ?is subsection4  4  7b7   

,effective date  ,! am5dm5t made by ?is 
section %all apply ) respect to articles
 ent]$1 or )drawn f w>eh\se =           
consumption1 on or aft] ,janu>y #a1     
#bjbf4  #bbd4  ,modify+ clean hydrog5   
production cr$it  7a7  ,9 g5]al         
,section #de,v ( ! ,int]nal ,rev5ue     
,code ( #aihf1 z am5d$ by section #gjeaa
 ( ,public ,law #aai-ba1 is am5d$--     
7#a7 9 subsection 7a71 by /rik+ p>agraph
 7#b7 & ins]t+ ! foll[+3  7#b7 #j4fj4  1
  7#b7 by /rik+ subsection 7b7 & ins]t+ 
! foll[+3  7b7  ,inflation adju/m5t  ,! 
#j4fj am\nt 9 subsection 7a77#b7 %all be
 adju/$ by multiply+ su* am\nt by !     
inflation adju/m5t factor 7z det]m9$ "u 
section #de7;e77#b71 det]m9$ by         
sub/itut+ #bjbd = #aiib 9 subp>agraph   
7,b7 !re(7 = ! cal5d> ye> 9 :i* !       
qualifi$ clean hydrog5 is produc$4 ,if  
any am\nt z increas$ "u ! prec$+ s5t5ce 
is n a multiple ( #j4a c5t1 su* am\nt   
%all be r\nd$ to ! ne>e/ multiple ( #j4a
 c5t4  1  7#c7 9 subsection 7c7-- 7,a7  
by /rik+ p>agraph 7#a71  7,b7 9 p>agraph

 7#b7-- 7i7 by /rik+ subp>agraph 7,a7 & 
ins]t+ ! foll[+3  7,a7  ,def9ition  7i7 
,9 g5]al  ,! t]m qualifi$ clean hydrog5 
means hydrog5 produc$ us+ an electrolyz]
 = :i* ! electricity us$ is--  7,i7     
produc$ at a facility :i*--  7aa7 uses  
qualifi$ r5ewable en]gy res\rces to     
produce su* electricity1  7bb7 0 plac$ 9
 s]vice n great] ?an #cf mon?s prior to 
! date on :i* ! facility :i* produces   
su* hydrog5 0 plac$ 9 s]vice1 &  7cc7 is
 9 ! same region 7z def9$ 9 ! ,national 
,transmission ,ne$s ,/udy ( ! ,dep>tm5t 
( ,en]gy1 dat$ ,octob] #cj1 #bjbc7 z !  
facility :i* produces su* hydrog51 &    
7,,ii7 produc$ at ! facility describ$ 9 
subclause 7,i7 n less ?an #a h\r prior  
to use by ! electrolyz]4  7ii7          
,qualifi$ r5ewable en]gy res\rces  ,!   
t]m qualifi$ r5ewable en]gy res\rces    
means--  7,i7 w9d1  7,,ii7 sol> en]gy1  
7,,iii7 geo!rmal en]gy 7z def9$ 9       
section #de7;c77#d771  7,,iv7 m>9e &    
hydrok9etic r5ewable en]gy 7z def9$ 9   
section #de7;c77#aj771 &  7,v7 hydrop[]4

  1 &  7ii7 by /rik+ subp>agraph 7,c71  
7,c7 9 p>agraph 7#c77;,c71 by ins]t+ 1 &
 :i* is plac$ 9 s]vice aft] ,decemb]    
#ca1 #bjbe aft] ,janu>y #a1 #bjbh1 &    
7,d7 by r$esignat+ p>agraphs 7#b7 & 7#c7
 z p>agraphs 7#a7 & 7#b71 respectively1 
7#d7 9 subsection 7e7-- 7,a7 9 p>agraph 
7#a71 by /rik+ describ$ 9 subsection    
7b77#b7 & ins]t+ produc$ by ! taxpay]1 &
  7,b7 9 p>agraph 7#c77;,a77ii71 by     
/rik+ subsection 7a77#b7 & ins]t+       
subsection 7a77#a71 &  7#e7 9 subsection
 7f71 by /rik+ 1 includ+ regulations or 
o!r guidance = det]m9+ lifecycle        
gre5h\se gas emissions4  7b7  ,con=m+   
am5dm5ts  7#a7 ,section #de7;e77#ac7 ( !
 ,int]nal ,rev5ue ,code ( #aihf is am5d$
 by /rik+ section #de,v7c77#c77 to      
produce qualifi$ clean hydrog5 7z def9$ 
9 section #de,v7c77#b77 & ins]t+ section
 #de,v7c77#b77 to produce qualifi$ clean
 hydrog5 7z def9$ 9 section             
#de,v7c77#a774  7#b7 ,section           
#dh7;a77#ae7 ( su* ,code is am5d$-- 7,a7
 9 subp>agraph 7,a71 by /rik+ clause    

7ii7 & ins]t+ ! foll[+3  7ii7 ! en]gy   
p]c5tage ) respect to su* prop]ty is #f 
p]c5t4  1  7,b7 9 subp>agraph 7,c7-- 7i7
 by /rik+ section #de,v7c77#c7 & ins]t+ 
section #de,v7c77#b71 &  7ii7 9 clause  
7i71 by /rik+ ,decemb] #ca1 #bjbb &     
ins]t+ ,decemb] #ca1 #bjbe1 &  7,c7 9   
subp>agraph 7,d71 by /rik+ section      
#de,v7c77#b7 & ins]t+ section           
#de,v7c77#a74  7#c7 ,section #fdag ( su*
 ,code is am5d$-- 7,a7 9 subsection     
7b77#e71 by /rik+ ,decemb] #ca1 #bjab & 
ins]t+ ,decemb] #ca1 #bjbe1 &  7,b7 9   
subsection 7d77#a77;,b71 by /rik+       
section #de,v7c77#c7 & ins]t+ section   
#de,v7c77#b74  7c7  ,effective date  ,! 
am5dm5ts made by ?is section %all apply 
to facilities plac$ 9 s]vice aft]       
,decemb] #ca1 #bjbe4  ,,iii  ,repeal    
rec5t fossil fuel subsidy legislation   
#cja4  ,,build] ,act  7a7  ,g5]al repeal
  ,sections #ajf1 #ajg1 #ajh1 #aji1     
#aaj1 & #aaa ( ! ,national ,environm5tal
 ,policy ,act ( #aifi 7#db ,u4,s4,c4    
#dccf1 #dccf;a1 #dccf;b1 #dccf;c1       

#dccf;d1 #dccf;e7 are repeal$4  7b7     
,repeal ( modifications  ,section       
#ajb7b7 ( ! ,national ,environm5tal     
,policy ,act ( #aifi 7#db ,u4,s4,c4     
#dccb7b77 is am5d$--  7#a7 9 subp>agraph
 7,c7-- 7,a7 9 ! matt] prec$+ clause    
7i71 by /rik+ consi/5t ) ! provisions ( 
?is ,act & except :]e compliance w\ld be
 inconsi/5t ) o!r /atutory requirem5ts12
  7,b7 by /rik+ clauses 7i7 ?r\gh 7v7 & 
ins]t+ ! foll[+3  7i7 ! environm5tal    
impact ( ! propos$ action2  7ii7 any    
adv]se environm5tal effects t _c be     
avoid$ if ! propos$ action is implem5t$2
  7iii7 alt]natives to ! propos$ action2
  7iv7 ! relation%ip betwe5 local       
%ort-t]m uses ( ! human environm5t & !  
ma9t5ance & enhancem5t ( long-t]m       
productivity2 &  7v7 any irrev]sible &  
irretrievable commitm5ts ( res\rces t   
w\ld be involv$ 9 ! propos$ action if ! 
propos$ action is implem5t$4  2 &  7,c7 
9 ! undesignat$ matt] foll[+ clause 7v7 
7z s am5d$71 9 ! fir/ s5t5ce1 by /rik+  
head ( ! lead ag5cy & ins]t+ responsible

 ,f$]al (ficial2  7#b7 by /rik+         
subp>agraphs 7,d71 7,e71 & 7,f72  7#c7  
by r$esignat+ subp>agraphs 7,g7 ?r\gh   
7,l7 z subp>agraphs 7,d7 ?r\gh 7,i71    
respectively2 &  7#d7 9 subp>agraph 7,f7
 7z s r$esignat$71 by /rik+ consi/5t ) !
 provisions ( ?is ,act14  7c7  ,con=m+  
am5dm5t  ,section #iiji7;c77#a7 ( !     
,william ,m4 7,mac7 ,?ornb]ry ,national 
,def5se ,au?orization ,act = ,fiscal    
,ye> #bjba 7#ae ,u4,s4,c4 #dfei7;c77#a77
 is am5d$ by /rik+ has ! mean+ giv5 !   
t]m 9 section #aaa ( ,,nepa 7#db        
,u4,s4,c4 #dccf;e7 & ins]t+ 1 ) respect 
to a cov]$ activity1 means ! ,f$]al     
ag5cy t propos$ ! cov]$ activity4  #cjb4
  ,inflation ,r$uction ,act  7a7  ,lease
 sales "u ! #bjag-bjbb out] ,cont95tal  
,%elf leas+ program  ,section #ejbfd (  
,public ,law #aag-afi 7commonly kn[n z !
 ,inflation ,r$uction ,act ( #bjbb7     
7#acf ,/at4 #bjei7 is repeal$4  7b7     
,ensur+ en]gy security  ,section #ejbfe 
( ,public ,law #aag-afi 7commonly kn[n z
 ! ,inflation ,r$uction ,act ( #bjbb7   

7#dc ,u4,s4,c4 #cjjf7 is repeal$4  #cjc4
  ,"o ,big ,beautiful ,bill ,act  7a7   
,int]nal ,rev5ue ,code  7#a7  ,exclusion
 ( metallurgical coal "u advanc$        
manufactur+ production cr$it  ,section  
#de,x ( ! ,int]nal ,rev5ue ,code (      
#aihf1 z am5d$ by section #gjead (      
,public ,law #aai-ba 7commonly kn[n z ! 
,"o ,big ,beautiful ,bill ,act71 is     
am5d$--  7,a7 9 subsection 7b77#a77,m71 
by /rik+ 7#b4e p]c5t 9 ! case (         
metallurgical coal71  7,b7 9 subsection 
7b77#c7-- 7i7 9 subp>agraph 7,c7--  7,i7
 9 ! head+1 by /rik+ o!r ?an            
metallurgical coal1  7,,ii7 9 clause    
7i71 by /rik+ 7o!r ?an metallurgical    
coal71 &  7,,iii7 9 ! head+ ( clause    
7ii71 by /rik+ o!r ?an metallurgical    
coal1 &  7ii7 by /rik+ subp>agraph 7,e71
 &  7,c7 9 subsection 7c77#f71 by /rik+ 
subp>agraph 7,r74  7#b7  ,intangible    
drill+ & developm5t co/s  ,! am5dm5ts   
made by section #gjebc ( ,public ,law   
#aai-ba are repeal$ & ! ,int]nal ,rev5ue
 ,code ( #aihf %all be appli$ z if su*  

am5dm5ts _h n be5 enact$4  7#c7  ,income
 f c>bon capture & hydrog5  ,section    
#ggjd7;d77#a77;,e7 ( ! ,int]nal ,rev5ue 
,code ( #aihf1 z am5d$ by section #gjebd
 ( ,public ,law #aai-ba1 is am5d$--     
7,a7 9 clause 7ii77,,ii71 by ins]t+     
provid$ t su* hydrog5 is qualifi$ clean 
hydrog5 7z def9$ 9 section              
#de,v7c77#a77;,a771 aft] liquifi$       
hydrog5 or compress$ hydrog511 &  7,b7  
by /rik+ clause 7iii74  7b7  ,oil & gas1
 m9+1 & en]gy repeals  ,! provisions (1 
& ! am5dm5ts made by1 sections #ejaja1  
#ejajb1 #ejajc1 #ejajd1 #ejaje1 #ejbja1 
#ejbjb1 #ejbjc1 #ejbjd1 & #ejdjc (      
,public ,law #aai-ba 7commonly kn[n z ! 
,"o ,big ,beautiful ,bill ,act7 7#aci   
,/at4 #gb7 are repeal$1 & any provision 
( law am5d$ or repeal$ by ^? sections   
%all be appli$ z if su* am5dm5ts or     
repeals _h n be5 enact$4  7c7  ,me?ane  
emissions & wa/e r$uction inc5tive      
program  ,section #acf7;g7 ( ! ,clean   
,air ,act 7#db ,u4,s4,c4 #gdcf7;g77 7z  
am5d$ by section #fjjab7;b7 ( ,public   

,law #aai-ba 7commonly kn[n z ! ,"o ,big
 ,beautiful ,bill ,act77 7#aci ,/at4    
#gb7 is am5d$ by /rik+ cal5d> ye> #bjcd 
& ins]t+ cal5d> ye> #bjbd4  7d7  ,repeal
 ( project sponsor opt-,9 fees =        
environm5tal reviews  ,section #aab ( ! 
,national ,environm5tal ,policy ,act (  
#aifi 7z add$ by section #fjjbf (       
,public ,law #aai-ba 7commonly kn[n z ! 
,"o ,big ,beautiful ,bill ,act77 7#aci  
,/at4 #gb7 is repeal$4  #cjd4  ,wa/e    
emissions *>ge rule  7a7  ,repeal       
,public ,law #aai-b 7#aci ,/at4 #g7 is  
repeal$4  7b7 ,implem5tation ,!         
,adm9i/rator ( ! ,environm5tal          
,protection ,ag5cy %all implem5t ! f9al 
rule ( ! ,environm5tal ,protection      
,ag5cy entitl$ ,wa/e ,emissions ,*>ge = 
,petroleum & ,natural ,gas ,sy/ems3     
,proc$ures = ,facilitat+ ,compliance1   
,includ+ ,nett+ & ,exemptions 7#hi ,f$4 
,reg4 #iajid 7,novemb] #ah1 #bjbd77 z if
 ,public ,law #aai-b 7#aci ,/at4 #g7 _h 
n be5 enact$ into law4  ,,iv            
,elim9ation ( o!r fossil fuel subsidies 

#dja4  ,/udy & elim9ation ( additional  
fossil fuel subsidies  7a7  ,def9ition (
 subsidy = fossil-,fuel production  ,9  
?is section1 ! t]m subsidy = fossil-fuel
 production means any direct fund+1 tax 
treatm5t or inc5tive1 risk-r$uction     
b5efit1 f9anc+ assi/ance or gu>antee1   
royalty relief1 or o!r provision t      
provides a f9ancial b5efit to a         
fossil-fuel company = ! production (    
fossil fuels4  7b7  ,report to ,congress
  ,n lat] ?an #a ye> aft] ! date (      
enactm5t ( ?is ,act1 ! ,secret>y ( !    
,treasury or a delegate ( ! ,secret>y   
7ref]r$ 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  7,a7  ,9 g5]al   
,9 ! case ( any type ( prop]ty t !      
,secret>y det]m9es is receiv+ a subsidy 
= fossil-fuel production "u section #afh
 ( ! ,int]nal ,rev5ue ,code ( #aihf1 =  
prop]ty plac$ 9 s]vice 9 taxable ye>s   
beg9n+ aft] ! date ( su* det]m9ation1   
section #afh ( ! ,int]nal ,rev5ue ,code 
( #aihf %all n apply4  7,b7  ,exception 
,subp>agraph 7,a7 %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