Sec. 302. Ending fossil fuel subsidies

340 words·~2 min read·/bill/115/hr/3671/ih/section-302

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Subsection

(c)of section 263 of the Internal Revenue Code of 1986 is amended by striking the period at the end of the third sentence and inserting , or to any costs paid or incurred after December 31, of the fiscal year in which this legislation is enacted. . Section 613 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: In the case of oil and gas properties, this section shall not apply to any taxable year beginning after December 31, of the fiscal year in which this legislation is enacted. . Section 613A of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: This section shall not apply to any taxable year beginning after December 31, of the fiscal year in which this legislation is enacted. . Subparagraph

(B)of section 199(c)(4) of the Internal Revenue Code of 1986 is amended— by striking or at the end of clause (ii); by striking the period at the end of clause

(iii)and inserting , or ; and by inserting after clause

(iii)the following new clause: the production, refining, processing, transportation, or distribution of oil, natural gas, or any primary product thereof. . Section 199(c)(4)(B) of the Internal Revenue Code of 1986 is amended by adding at the end the following flush sentence: For purposes of clause (iv), the term primary product has the same meaning as when used in section 927(a)(2)(C), as in effect before its repeal. . Section 199(c)(4) of the Internal Revenue Code of 1986 is amended— in subparagraph (A)(i)(III), by striking electricity, natural gas, and inserting electricity ; and in subparagraph (B)(ii), by striking electricity, natural gas, and inserting electricity . Section 199(d) of the Internal Revenue Code of 1986 is amended by striking paragraph

(9)and by redesignating paragraph

(10)as paragraph (9). The amendments made by this section shall apply to taxable years beginning after December 31, of the fiscal year in which this legislation is enacted.