HR. 383In Committee
End Oil and Gas Tax Subsidies Act of 2025
Repeals and limits federal tax breaks for oil and gas production while tightening related tax accounting and expense rules
Plain-English overview
What this bill does
Repeals and limits federal tax breaks for oil and gas production while tightening related tax accounting and expense rules
Key points
- Prohibit LIFO use by major oil companies
- Repeal oil and gas tax credits
- Repeal drilling cost deductions
- Increase geological expense amortization
Current status
Where it stands
Status
In Committee
Latest action
2025-01-14 — Referred to the House Committee on Ways and Means.
Related context
Topics and policy areas
undefinedAccounting and auditingAdministrative law and regulatory proceduresBusiness expensesDepartment of the TreasuryIncome tax creditsIncome tax deductionsMotor fuels