S.1041 - End Polluter Welfare Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Sanders, Bernard [I-VT] (Introduced 04/22/2015)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 04/22/2015 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.1041 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (04/22/2015)
End Polluter Welfare Act of 2015
Amends the Outer Continental Shelf Lands Act and the Energy Policy Act of 2005 to repeal the authority of the Department of the Interior to reduce or eliminate royalty payments for oil and natural gas leases in the Outer Continental Shelf.
Amends the Mineral Leasing Act to increase minimum royalty payments for coal, oil, and natural gas leases.
Amends the Federal Oil and Gas Royalty Management Act of 1982 to prohibit payment of interest upon any overpayment of royalties.
Amends the Oil Pollution Act to eliminate the limitation on liability for offshore facilities and pipeline operators for oil spills.
Rescinds all unobligated balances made available to the World Bank, the Overseas Private Investment Corporation (OPIC), the Export-Import Bank, the Advanced Research Projects Agency in the Department of Energy (DOE), and other international financing entities to carry out any project that supports power plants that operate on fossil fuel (i.e., coal, petroleum, natural gas, or any derivatives used for fuel). Exempts from such rescission any fossil-fueled power plant project located in a Least Developed Country if no other economically feasible alternative exists, and the project uses the most efficient technology available.
Terminates the Office of Fossil Energy Research and Development in DOE and related implementation authority.
Prohibits the Department of Agriculture from making loans under the Rural Electrification Act of 1936 to carry out projects that will use fossil fuel.
Prohibits the use of Department of Transportation funds to award any grant or other direct assistance to any rail or port project that transports fossil fuel.
Amends the Internal Revenue Code to: (1) limit or repeal provisions allowing tax incentives for investment in fossil fuels, (2) increase the Oil Spill Liability Trust Fund financing rate, and (3) impose a 13% tax on the removal price of any taxable crude oil or natural gas from the Outer Continental Shelf in the Gulf of Mexico.
Repeals the corporate income tax exemption for publicly traded partnerships with qualifying income and gains from activities relating to fossil fuels.
Designates the Powder River Basin in southeast Montana and northeast Wyoming as a coal producing region.
Eliminates accelerated depreciation for property that is receiving a subsidy for fossil fuel production.