Last progress July 24, 2025 (4 months ago)
Introduced on July 24, 2025 by Bernard Sanders
Read twice and referred to the Committee on Finance.
This bill would roll back many federal benefits for oil, gas, and coal. It ends or limits royalty breaks for drilling on public lands and offshore areas, and stops paying interest when companies overpay royalties, so taxpayers don’t foot extra costs . It removes caps on what companies must pay after certain oil spills and blocks companies from writing off those spill costs on their taxes, pushing polluters to pay more of the cleanup bill . It also blocks U.S. funds from going to global banks if they back fossil-fuel projects, tightening how public money can support energy abroad .
On taxes and subsidies, the bill shuts off several breaks tied to fossil-fuel equipment, research, and special tax treatments, and applies environmental taxes to synthetic crude (like tar sands oil) . It raises the oil-spill trust fund fee in future years and ends a credit for refined coal starting after 2025 . It treats more offshore and foreign oil income as taxable, and adds a 13% tax on oil and gas produced from federal waters in the Gulf of Mexico, with a credit for royalties already paid . The bill shuts down the Department of Energy’s fossil energy office and bars federal loan and research funds from backing fossil-fuel projects; some hydrogen projects still qualify under tighter clean-power rules . It also ends the carbon capture tax credit going forward and requires a public report within six months listing who claimed that credit and for how much . Finally, it undoes certain recent laws that expanded drilling and related programs, narrowing future leasing and funding paths for fossil fuels file