H.R. 1743 — People Over Petroleum Act

This bill limits or repeals certain fossil fuel oil and gas subsidies for oil companies and establishes a gas prices rebate for individual taxpayers. Among other elements, the bill repeals the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery; repeals various tax deductions, including the deduction for the intangible drilling and development costs of oil and gas wells; repeals the passive loss exception for working interests in oil and gas property; denies the tax deduction for income attributable to domestic production activities for oil and gas activities; prohibits the use of the last-in, first-out (LIFO) accounting method by major integrated oil c...