Sec. 20. Termination of last-in, first-out method of inventory for oil, natural gas, and coal companies
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Section 472 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: Subsection
(a)shall not apply to any taxpayer that is in the trade or business of the production, refining, processing, transportation, or distribution of oil, natural gas, or coal for any taxable year beginning after the date of enactment of the End Polluter Welfare Act of 2021 . . Section 473 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 taxpayer that is in the trade or business of the production, refining, processing, transportation, or distribution of oil, natural gas, or coal for any taxable year beginning after the date of enactment of the End Polluter Welfare Act of 2021 . . In the case of any taxpayer required by the amendments made by this section to change its method of accounting for its first taxable year beginning after the date of enactment of this Act— such change shall be treated as initiated by the taxpayer; and such change shall be treated as made with the consent of the Secretary of the Treasury. The amendments made by this section shall apply to taxable years beginning after the date of enactment of this Act.