End Polluter Welfare Act of 2020

End Polluter Welfare Act of 2020

This bill limits or eliminates certain fossil fuel subsidies for oil, coal, and natural gas companies, including by

• eliminating the authority of the Department of Energy to carry out the Fossil Energy Research and Development Program;
• expanding the definition of crude oil for purposes of the excise tax on petroleum and petroleum products to include any oil derived from a bitumen or bituminous mixture (tar sands), any liquid fuel derived from coal, and any oil derived from kerogen-bearing sources (oil shale);
• limiting the financial assistance that such companies may receive from programs that provide relief to businesses affected by the COVID-19 pandemic;
• terminating certain tax incentives relating to fossil fuels, including the percentage depletion allowance and capital gains treatment for royalties from coal; and
• increasing the Oil Spill Liability Trust Fund financing rate.