H.R.7375 - SHELTER Act of 2018115th Congress (2017-2018)
|Sponsor:||Rep. Jones, Brenda [D-MI-13] (Introduced 12/20/2018)|
|Committees:||House - Ways and Means; Natural Resources; Financial Services; Budget|
|Latest Action:||House - 12/20/2018 Referred to the Committee on Ways and Means, and in addition to the Committees on Natural Resources, Financial Services, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (All Actions)|
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Summary: H.R.7375 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (12/20/2018)
Stronger, Healthier Environment for Low-Income Tenants and Economic Renewal Act of 2018 or the SHELTER Act of 2018
This bill limits or repeals several tax deductions, credits, and related rules that benefit major integrated oil companies. It also repeals royalty relief (suspension of royalties) for (1) natural gas production from deep wells in shallow waters of the Gulf of Mexico, and (2) deep water oil and gas production in the Western and Central Planning Area of the Gulf (including a specified portion of the Eastern Planning Area).
Any increase in revenues as a result of this bill must be credited to the Housing Trust Fund, which provides funding to states for activities to increase affordable housing. The bill also specifies requirements for the fund regarding funding for (1) environmental rehabilitation activities, and (2) childhood lead prevention.