Summary: S.2996 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for S.2996. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (05/26/2016)

Fossil Aid is Inefficient and Regressive Energy Policy Act or the FAIR Energy Policy Act

This bill amends the Internal Revenue Code to phase out certain tax provisions that apply to fossil fuels. The bill establishes a schedule for decreasing the benefits of the provisions for major integrated oil companies by specified percentages that reach 100% after December 31, 2019. The affected provisions include:

  • the deduction for intangible drilling costs,
  • the deduction for the percentage of depletion of oil and natural gas wells,
  • the deduction for oil related qualified production activities income,
  • the deduction for the amortization of geological and geophysical expenditures,
  • the deduction for the percentage of depletion of oil shale,
  • the deduction for exploration and development costs for oil shale,
  • the capital gains treatment for royalties of coal,
  • the deduction for tertiary injectants,
  • the exception to the passive loss limitation for working interests in oil and natural gas properties, and
  • the marginal wells tax credit.