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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (3)

Short Titles

Short Titles - Senate

Short Titles as Introduced

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

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to phase out tax preferences for fossil fuels on the same schedule as the phase out of the tax credits for wind facilities.

Actions Overview (1)

Date Actions Overview
05/26/2016Introduced in Senate

All Actions (1)

Date All Actions
05/26/2016Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (6)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Whitehouse, Sheldon [D-RI]* 05/26/2016
Sen. Feinstein, Dianne [D-CA]* 05/26/2016
Sen. Merkley, Jeff [D-OR]* 05/26/2016
Sen. Warren, Elizabeth [D-MA]* 05/26/2016
Sen. Markey, Edward J. [D-MA]* 05/26/2016
Sen. Peters, Gary C. [D-MI] 07/07/2016

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance05/26/2016 Referred to

No related bill information was received for S.2996.

Subjects (9)

Latest Summary (1)

There is one summary for S.2996. View summaries

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.