S4222Referred to Committee

End Polluter Welfare for Enhanced Oil Recovery Act of 2026

Introduced

In Committee

Passed One Chamber

Passed Both

Signed into Law

119th

Congress

2026-03-26

Introduced

Cosponsors

ⓘ

Type

Sponsor

Jeff Merkley

Democrat · OR · Senator

Votes with party: 85.2% (851 recorded votes)

Full profile: /officials/M001176

Source: Congress.gov · FEC

Cosponsors (5)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Finance.

2026-03-26

Source: Congress.gov

Committee Activity

Currently in

Senate Committee on FinanceReferred To · 2026-03-26

Previously

Finance CommitteeReferred To · 2026-03-26

Plain-English Summary

This bill would eliminate tax breaks and subsidies that currently help oil companies pay for enhanced oil recovery projects, where they inject liquids or gases into oil fields to extract more oil. By removing these financial incentives, the government would reduce the amount of taxpayer money supporting oil production while potentially increasing federal revenue. The change would primarily affect large oil and gas companies that use these recovery techniques.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Subjects

Taxation

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4222 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4222 To amend the Internal Revenue Code of 1986 to provide for an end date for the credit for certain qualified carbon oxide, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 26, 2026 Mr. Merkley (for himself, Mr. Van Hollen, Mr. Markey, Mr. Booker, Mr. Sanders, and Ms. Warren) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to provide for an end date for the credit for certain qualified carbon oxide, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``End Polluter Welfare for Enhanced Oil Recovery Act of 2026''. SEC. 2. ELIMINATION OF USE OF CARBON OXIDE AS TERTIARY INJECTANT. (a) In General.--Section 45Q(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: ``(11) Elimination of use of carbon oxide as tertiary injectant.--In the case of any qualified facility the construction of which begins after the date of the enactment of the End Polluter Welfare for Enhanced Oil Recovery Act of 2026, subsection (a)(3)(B)(ii) shall not apply.''. (b) Effective Date.--The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. SEC. 3. ENHANCED OIL RECOVERY CREDIT. (a) In General.--Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 43. (b) Conforming Amendments.-- (1) Section 38(b) of such Code is amended by striking paragraph (6). (2) Section 45I(b)(2)(B) of such Code is amended by inserting ``(as in effect on the day before the date of the enactment of the End Polluter Welfare for Enhanced Oil Recovery Act of 2026)'' after ``section 43(c)(3)(B)''. (3) Section 45K(b)(5)(A) of such Code is amended by inserting ``(as in effect on the day before the date of the enactment of the End Polluter Welfare for Enhanced Oil Recovery Act of 2026)'' after ``section 43''. (4) Section 45Q of such Code is amended-- (A) by striking ``section 43(b)(3)(B)'' each place it appears and inserting ``section 43(b)(3)(B) (as in effect on the day before the date of the enactment of the End Polluter Welfare for Enhanced Oil Recovery Act of 2026)'', and (B) in subsection (e)(4), by inserting ``(as in effect on the day before the date of the enactment of the End Polluter Welfare for Enhanced Oil Recovery Act of 2026)'' after ``section 43(c)(2)''. (5) Section 196(c) of such Code is amended by striking paragraph (5) and by redesignating paragraphs (6) through (14) as paragraphs (5) through (13), respectively. (6) Section 6501(m) of such Code is amended by striking ``43,''. (7) The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by striking the item relating to section 43. (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. <all>

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