Sec. 401. Study and elimination of additional fossil fuel subsidies
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In this section, the term subsidy for fossil-fuel production means any direct funding, tax treatment or incentive, risk-reduction benefit, financing assistance or guarantee, royalty relief, or other provision that provides a financial benefit to a fossil-fuel company for the production of fossil fuels. Not later than 1 year after the date of enactment of this Act, the Secretary of the Treasury or a delegate of the Secretary (referred to in this section as the Secretary ), in coordination with the Secretary of Energy, shall submit to Congress a report detailing each Federal law (including regulations), other than those amended by this Act, as in effect on the date on which the report is submitted, that includes a subsidy for fossil-fuel production.
Not later than 1 year after the date of enactment of this Act, the Secretary, in coordination with the Commissioner of Internal Revenue, shall submit to Congress a report on the applicable recovery period under the accelerated cost recovery system provided in section 168 of the Internal Revenue Code of 1986 for each type of property involved in fossil-fuel production, including pipelines, power generation property, refineries, and drilling equipment, to determine if any assets are receiving a subsidy for fossil-fuel production.
In the case of any type of property that the Secretary determines is receiving a subsidy for fossil-fuel production under section 168 of the Internal Revenue Code of 1986, for property placed in service in taxable years beginning after the date of such determination, section 168 of the Internal Revenue Code of 1986 shall not apply. Subparagraph
(A)shall not apply to any property with respect to a taxable year unless such determination is published before the first day of such taxable year.