This joint resolution seeks to officially disapprove a specific rule issued by the Environmental Protection Agency regarding emissions from coal- and oil-fired power plants. If passed, the measure would prevent the EPA's proposed repeal of existing national emission standards for hazardous air pollutants from taking effect. The legislation directly impacts the EPA and the electric utility industry by maintaining current regulatory requirements for these power generation units. It operates as a legislative veto, allowing Congress to reject a federal agency's rule without passing new laws.
This bill increases the corporate tax rate on stock buybacks to 25 percent for large oil and gas companies that meet specific revenue and operational criteria. It targets corporations with an average annual gross receipt of at least $1 billion that are primarily engaged in producing, refining, processing, transporting, or distributing oil or natural gas. The higher tax rate applies only to stock repurchases made after the bill is enacted and before gasoline prices fall below $2.937 per gallon for five consecutive weeks. If gasoline prices drop below this threshold, the special tax provision ceases to apply, and companies may claim a partial reduction in their tax liability based on the duration of the high-price period.
This resolution provides for the consideration of the bill (H.R. 4690) to amend the Energy Conservation and Production Act to repeal certain Federal building energy efficiency performance standards, and for other purposes; providing for consideration of the resolution (H. Res. 1182) expressing support for rural communities across the United States as stewards of the environment, major suppliers of United States energy resources, critical providers of food production and manufacturing capacity, and drivers of national economic stability, and recognizing the work of the House of Representatives in the 119th Congress in support of those vital communities; providing for consideration of the bill (H.R. 1897) to amend the Endangered Species Act of 1973 to optimize conservation through resource prioritization, incentivize wildlife conservation on private lands, provide for greater incentives to recover listed species, create greater transparency and accountability in recovering listed species, streamline the permitting process, eliminate barriers to conservation, and restore congressional intent; and providing for consideration of the bill (H.R. 5587) to amend the Geothermal Steam Act of 1970 to waive the requirement for a Federal drilling permit for certain activities, to exempt certain activities from the requirements of the National Environmental Policy Act of 1969, and for other purposes.
This bill, titled the "End Polluter Welfare for Enhanced Oil Recovery Act of 2026," eliminates federal tax credits related to enhanced oil recovery (EOR). It directly affects oil and gas companies that utilize or plan to utilize EOR methods. Specifically, the bill strikes Section 43 of the Internal Revenue Code, thereby ending the existing Enhanced Oil Recovery Credit. Furthermore, for new facilities constructed after the bill's enactment, it removes eligibility for the carbon capture tax credit (Section 45Q) when captured carbon oxide is used for enhanced oil recovery. These changes discontinue tax incentives that support specific oil extraction techniques.
Gasoline Export Ban Act of 2026 This bill prohibits the exportation of gasoline produced in the United States during certain periods of high gasoline prices. Specifically, the bill directs the President to prohibit the exportation of gasoline produced in the United States during periods when the average price for gasoline in the United States has been equal to or higher than $3.12 per gallon for each of the preceding seven days. The President may exempt from the prohibition exports of gasoline as the President determines to be consistent with the national interest and the purposes of the bill.
This bill, the End Polluter Welfare for Enhanced Oil Recovery Act of 2026, removes tax incentives for enhanced oil recovery projects that use carbon dioxide as an injectant. It directly affects oil and gas companies and energy producers who build qualified facilities after the law is enacted. The legislation eliminates the tax credit for carbon capture and storage when the captured carbon dioxide is used to extract more oil from existing wells. Additionally, the bill repeals the federal enhanced oil recovery tax credit that previously allowed companies to deduct certain costs related to extracting additional oil from mature wells. These changes apply to taxable years beginning after the bill is enacted.
This bill prohibits the sale and delivery of Russian crude oil and petroleum products that were loaded onto vessels after March 5, 2026, and bans future Treasury licenses for such transactions. It requires the President to impose sanctions within 30 days on Russian individuals and entities involved in oil and gas extraction, refinement, or maritime transportation, including blocking their U.S.-based assets and revoking their U.S. visas. The legislation includes exceptions for humanitarian goods like food and medicine, as well as intelligence and national security activities. Additionally, the bill mandates regular reports to Congress on Russian oil export volumes, revenues, and any involvement of Russian energy companies in the abduction of Ukrainian children.
The NOPE Act prohibits the sale and delivery of Iranian crude oil and petroleum products by canceling a specific Treasury license and restricting future transactions related to such exports. It requires the President to impose sanctions on Iranian individuals and entities involved in oil extraction, refining, or maritime transportation of petroleum products, including blocking their U.S. assets and revoking their visas. The bill includes exceptions for humanitarian aid, UN-related activities, and national security operations, while also mandating regular reports to Congress on the impact of these restrictions on Iranian oil exports and revenues.
This bill proposes to pause the clean electricity production tax credit for two years, from October 1, 2025, through September 30, 2027. The change would affect electricity generators who currently receive tax benefits for producing clean energy during this period. Money that would have gone to the Treasury from these suspended credits would instead be transferred to the Strategic Petroleum Reserve's funding account. The legislation aims to redirect federal tax revenue to support petroleum stockpiles while temporarily reducing incentives for clean electricity production.
This bill proposes a new windfall profits tax on crude oil producers and importers, targeting companies that extract or import more than 300,000 barrels of oil per day. The tax rate would be 50% of the amount by which current crude oil prices exceed a baseline set at the 2025 average, with adjustments for inflation in subsequent years. Revenue collected from this tax would be placed in a dedicated fund and then rebated directly to individual taxpayers as a credit against their income taxes. The rebate amount would be calculated quarterly based on the total tax revenue collected and distributed to eligible individuals, with higher amounts for joint filers and income-based phase-outs. The bill applies to oil extracted or imported after December 31, 2025, and includes provisions for territories with mirror tax systems to receive equivalent benefits.
