S. 5198, titled the "Small Energy Producers Performance Enhancement Act," proposes changes to the Internal Revenue Code of 1986. It allows small producers of oil and natural gas to establish special accounts for well remediation and restoration, offering them deductions for contributions made...
Simple Explanation
This bill lets small oil and gas companies save money in special accounts to fix and close old wells, and they can subtract some of this money from their taxes each year to help pay for these projects. But there are rules on how much they can save, who can use these accounts, and what happens if they don't follow the rules.