This section provides the short title for the legislation, stating that it may be referred to as the “End Polluter Welfare Act of 2024.”

The text outlines the contents of a proposed legislative act focused on eliminating fossil fuel subsidies. It specifies that the act aims to redefine fossil fuel, adjust royalty rates, repeal tax breaks, and terminate specific subsidies and financial support for fossil fuel-related activities across various government sectors.

The section defines "fossil fuel" as coal, petroleum, natural gas, or any derivative of these substances when they are used as fuel.

The section addresses changes to laws related to royalty relief for oil and gas production. It amends the Outer Continental Shelf Lands Act to remove certain provisions, repeals sections of the Energy Policy Act of 2005 concerning incentives for natural gas and deep water production, and clarifies that future leases will not allow for royalty relief.

The section amends the Mineral Leasing Act to increase the royalty rates for coal, oil, and natural gas leases from “12½ percent” and “16⅔ percent” to “18¾ percent,” ensuring a higher percentage return for resources extracted from federal lands.

Section 104 of the bill changes the rules for oil and gas royalty rates on the offshore lands managed by the United States by removing specific percentage limits from a certain period and after.

The section amends the Federal Oil and Gas Royalty Management Act to stop paying interest on overpaid royalties.

The section amends the Oil Pollution Act of 1990 to change the liability limits for offshore facilities and pipeline operators. It removes the additional $75 million limit, specifies certain exclusions for onshore pipelines transporting specific types of oil, and defines liability for those transporting diluted bitumen and similar substances.

The bill section restricts the use of U.S. government funds given to international financial institutions if those funds support projects involving fossil fuels. If an institution finances such a project, the U.S. will rescind an equivalent amount of funds and will not provide future contributions unless the institution agrees not to support fossil fuel projects.

The section terminates the authority of the Secretary of Energy to manage the Office of Fossil Energy and Carbon Management. It also specifies that any funding for the office that hasn't been used by the enactment of this law will be taken back, and no future funds can be spent except for costs related to ending ongoing research.

The section prohibits the Loan Programs Office of the Department of Energy from using its funds for projects involving fossil fuels, carbon capture, or hydrogen, but allows an exception for projects that support qualified clean hydrogen, as defined in the Internal Revenue Code.

The section amends a 2002 law to make it clear that the USDA assistance program will only focus on renewable energy systems and no longer include carbon capture and storage systems.

The section states that the Advanced Research Projects Agency—Energy is prohibited from using its funds for any projects that support fossil fuels.

The text outlines changes to the Energy Policy Act of 2005 to encourage innovative technologies. It involves removing certain sections and renumbering others to streamline the legislative framework.

The Secretary of Agriculture is prohibited from providing loans under the Rural Electrification Act for projects that use fossil fuels.

The section prohibits the use of funds from several U.S. government agencies, including the International Development Finance Corporation and the Export-Import Bank, for projects or activities that promote fossil fuel production or use, effective from the date this Act is enacted.

The section states that the Department of Transportation cannot use its funds to award grants, loans, or any direct assistance to rail facilities or port projects that transport fossil fuel.

The amendment to the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) states that certain large financial entities, such as investment companies, investment advisers, brokers, dealers, or bank holding companies with substantial assets, cannot be excluded as potential owners or operators responsible for environmental cleanup under this law.

The Powder River Basin will be officially recognized as a coal-producing region by the Bureau of Land Management. Within a year, the Bureau's Director must report to Congress about the market value and royalties of coal leases in the basin, and suggest policies to maximize their future worth.

The provided section of the bill, titled SEC. 201, outlines the termination of various tax benefits for fossil fuels starting with taxable years after the enactment of the End Polluter Welfare Act of 2024. It specifies that certain tax provisions, such as credits for oil recovery and natural gas production, special rules for oil and gas wells, and deductions for pollution control facilities, will no longer be applicable, reflecting an effort to reduce incentives for fossil fuel activities.

The section outlines the termination of several tax incentives and provisions related to fossil fuels, which will not apply to activities, properties, or costs after the End Polluter Welfare Act of 2024 is enacted. It affects various tax credits, deductions, and rules that previously benefited oil, natural gas, and coal industries.

The proposed section of the bill seeks to end various tax deductions and credits related to fossil fuels. It specifies that certain tax benefits will no longer apply to property used for fossil fuel activities, including exploration and production, for taxable years beginning after the enactment of this Act in 2024.

The section amends the Internal Revenue Code to change the amortization period for geological and geophysical expenses from 24 months to 84 months and specifies that expenses incurred during any month will be considered as incurred in the middle of that month. The changes will apply to costs incurred after the law is enacted.

The section proposes changes to the Internal Revenue Code to treat natural gas gathering lines as 15-year property for tax purposes. It specifies that this applies to lines whose original use begins with the taxpayer after the enactment of the provision, with certain exceptions for pre-existing contracts and self-constructed property.

The section of the bill terminates the use of the last-in, first-out (LIFO) inventory accounting method for companies involved in the production, refining, processing, transportation, or distribution of oil, natural gas, or coal, starting from the taxable year after the law is enacted. Businesses affected must change their accounting methods, and this change is considered to be made with the approval of the Treasury Secretary.

The section repeals the percentage depletion allowance for coal and certain hard mineral fossil fuels, meaning they can no longer use this tax benefit for tax years starting after the End Polluter Welfare Act of 2024 is enacted. It also updates related sections in the Internal Revenue Code to reflect this change.

The changes to the Internal Revenue Code outlined in this section end the capital gains tax treatment for royalties earned from coal, meaning that from now on, only iron ore is eligible for such treatment. These changes will apply to sales made after the new law is enacted.

The section introduces modifications to the foreign tax credit rules specifically for taxpayers in the oil and gas industry. It outlines that payments to foreign governments by businesses involved in fossil fuel trade may not qualify as taxes if they exceed the usual income tax required or if the foreign government does not generally impose an income tax. Additionally, it defines key terms such as "dual capacity taxpayer" and "fossil fuel," and states these amendments will apply regardless of U.S. treaty obligations.

The section amends the Internal Revenue Code to increase the rate for contributions to the Oil Spill Liability Trust Fund, specifying that starting from December 31, 2024, there will be a charge of 10 cents per barrel on crude oil and petroleum products. It also clarifies the conditions under which the trust fund's financing rate will be applied, focusing on maintaining a balance of at least $2 billion.

The section amends the Internal Revenue Code to define "crude oil" as including synthetic crude oil, which covers substances like bitumen and oil derived from tar sands, coal, and oil shale. It also gives regulatory authority to classify other types of fuel as crude oil for taxation if they meet certain criteria and removes a specific phrase about oil wells. These changes will take effect for oil received after a certain period following the enactment of the Act.

The section explains that individuals or businesses cannot claim tax deductions for the costs or damages resulting from certain oil spills if they are responsible under the Oil Pollution Act of 1990. This rule applies to any such liabilities occurring in taxable years that end after the law is enacted.

In this section, a new 13% tax is introduced on crude oil and natural gas produced from the Gulf of Mexico's outer Continental Shelf, starting in 2025. The tax, which can be reduced by the amount of federal royalties paid, must be paid by producers and requires detailed record-keeping and reporting.

The section imposes a 13% tax on the removal price of crude oil or natural gas taken during a given taxable period. Producers can get a credit for the total amount of royalties they pay under federal law, but this credit can't exceed the tax owed. The producer is responsible for paying this tax.

The section defines "taxable crude oil or natural gas" as the oil or gas produced from federal lands in the Gulf of Mexico under a U.S. lease. It also explains that the "removal price" is generally the sale amount, but includes rules for determining it when sales are between related persons, when oil or gas is removed before sale, and when refining starts on the property.

The section outlines the rules for taxing crude oil and natural gas, including the requirements for taxpayers to maintain records and file returns. It defines key terms like "producer" and "crude oil" and allows the Secretary to adjust prices to reflect fair market values, with the authority to issue necessary regulations to implement these rules.

The section repeals the corporate income tax exemption for publicly traded partnerships that earn income and gains from fossil fuel-related activities. This change will apply to taxable years starting after the law is enacted.

The section amends the Internal Revenue Code to allow deductions for qualified tertiary injectant expenses, which can be deducted evenly over 84 months starting from when they are incurred. It also specifies that these expenses will be considered as incurred in the middle of each month and states that no other depreciation or amortization deductions for these expenses are allowed, with the changes effective for expenses incurred in tax years after the act is enacted.

The section updates the rules for deducting costs associated with developing a mine or natural deposit, allowing these costs to be deducted over 84 months. It also makes various changes to related sections of the Internal Revenue Code to reflect this updated rule.

This section outlines how companies can deduct costs related to developing a mine or natural deposit over a period of 84 months. It specifies that the deduction applies to expenses incurred after confirming that the ore or minerals are in commercially viable quantities and mentions that other types of depreciation are not allowed. If the property is abandoned before the deduction period ends, the deductions will still continue, but no specific removal deduction is permitted.

The section modifies the tax code to allow mining companies to deduct expenses related to exploring for minerals over 84 months instead of all at once. It also states that if the site is abandoned within that time, the deductions will continue, and it adjusts several related tax provisions to align with these changes.

The section allows mining companies to deduct expenses related to finding ore or minerals over a period of 84 months, starting when the expenses were incurred. It specifies that deductions cannot be accelerated, even if the property is abandoned, and mandates a consistent method for calculating these deductions.

In this section, changes are made to the Internal Revenue Code concerning the handling of intangible drilling and development costs for oil, gas, and geothermal wells. It specifies that costs related to oil and gas wells must be deducted over 84 months, while certain costs for geothermal wells can be deducted as expenses, and includes adjustments for related tax sections.

The section amends a part of the Internal Revenue Code, increasing the excise tax rates for funding the Black Lung Disability Trust Fund from $1.10 to $1.38 and from $0.55 to $0.69. These changes become effective starting the first day of the first calendar month after the law is enacted.

The section of the bill removes the eligibility for the renewable electricity production credit for refined coal by making several amendments to Section 45 of the Internal Revenue Code. These changes apply to coal produced after December 31, 2024, and also include coordination with existing credits for facilities producing fuel from nonconventional sources.

The bill modifies the Internal Revenue Code to treat certain foreign income from oil operations as taxable subpart F income for U.S. tax purposes. It specifically targets income from foreign oil and gas operations that exceed 1,000 barrels per day, while exempting oil-related income produced or consumed within foreign countries, unless derived from personal holding companies, and includes changes to related definitions and compliance requirements.

The section repeals a part of the tax code that used to exclude foreign oil and gas extraction income from being counted as "tested income." This change will affect foreign corporations and their U.S. shareholders starting from the taxable years after the law is enacted.

The section from the bill outlines the termination of the carbon oxide sequestration tax credit, stating that no credits will be given for carbon oxide captured after the End Polluter Welfare Act of 2024 is enacted. Additionally, it mandates a report from the Secretary of the Treasury six months after enactment, detailing the identity of taxpayers who received the credit, the total credit amounts, and the use of captured carbon oxide, while amending confidentiality rules to allow necessary disclosures for this report.

The section amends the Tariff Act of 1930 to ensure that taxes levied on petroleum products under the Internal Revenue Code cannot be refunded as a drawback starting January 1, 2025, for goods entered or withdrawn from a warehouse for use.

The amendments to Section 45V of the Internal Revenue Code of 1986 modify the clean hydrogen production credit by setting a base amount of $0.60, which will be adjusted for inflation starting from 2023. The definition of "qualified clean hydrogen" is revised to include certain criteria for the use of renewable energy, and various conforming amendments update cross-references and dates in related sections, taking effect for facilities placed in service after December 31, 2024.

The section outlines changes to environmental laws, including the repeal of several parts of the National Environmental Policy Act of 1969 that aimed to assess environmental impacts and explore alternatives to proposed actions. Additionally, it removes a part of the Fiscal Responsibility Act that pertains to the Mountain Valley Pipeline, suggesting an effort to expedite its completion.

The section repeals two parts of the Inflation Reduction Act of 2022, specifically those concerning the outer Continental Shelf leasing program and ensuring energy security.

The section requires the government to identify and report all existing federal laws that provide financial benefits to fossil fuel companies, known as subsidies. Additionally, it mandates a review of the depreciation period for assets used in fossil fuel production to eliminate these subsidies if they are identified.