End Oil and Gas Tax Subsidies Act of 2025 repeals tax benefits for oil and gas companies.

The End Oil and Gas Tax Subsidies Act of 2025 amends the Internal Revenue Code to eliminate various tax benefits for oil and gas companies. It repeals the enhanced oil recovery credit, the deduction for tertiary injectants, and the amortization of geological and geophysical expenditures. It also modifies the foreign tax credit rules for dual capacity taxpayers and prohibits oil and gas companies from using last-in, first-out accounting. The changes apply to taxable years beginning after December 31, 2024.

End Oil and Gas Tax Subsidies Act of 2025 repeals tax benefits for oil and gas companies.

The End Oil and Gas Tax Subsidies Act of 2025 amends the Internal Revenue Code to eliminate various tax benefits for oil and gas companies. It repeals the enhanced oil recovery credit, the deduction for tertiary injectants, and the amortization of geological and geophysical expenditures. It also modifies the foreign tax credit rules for dual capacity taxpayers and prohibits oil and gas companies from using last-in, first-out accounting. The changes apply to taxable years beginning after December 31, 2024.