A bill introduced on Thursday, November 21 in the Senate by Bernie Sanders, I-Vt., and in the House of Representatives by Keith Ellison, D-Minn., is designed to remove an estimated $110 billion in existing tax subsidies for the oil, gas and coal industries over the next decade. Titled the End Polluter Welfare Act (“EPWA”), the bill contains provisions related to ending taxpayer-funded research of fossil fuels and preventing companies from escaping liability for spills and deduction of cleanup costs. The EPWA defines “fossil fuel” as “coal, petroleum, natural gas, or any derivative of coal petroleum, or natural gas that is used for fuel.” The proposed subsidy cuts are similar to those included in the White House’s 2014 budget proposal. BakerHostetler will continue to monitor the federal legislative proceedings, including the EPWA.
Media Coverage Resources: