End Oil and Gas Tax Subsidies Act of 2023

HR 1483 repeals multiple tax provisions benefiting oil and gas companies, effective for taxable years beginning after December 31, 2022. It eliminates credits for marginal wells, enhanced oil recovery, and intangible drilling costs; ends percentage depletion allowances for oil/gas; and prohibits LIFO accounting for major integrated oil producers (defined as companies with >500,000 barrels daily crude production). The bill also removes deductions for tertiary injectants, special passive loss rules, and qualified business income deductions for oil/gas activities. These changes directly affect oil and gas producers by reducing their tax advantages, without creating new taxes or subsidies.