H.R. 10256
Taxpayer Relief from Big Oil Act
Summary:
• The bill, titled the "Taxpayer Relief from Big Oil Act," repeals Gulf of Mexico royalty relief provisions under the Energy Policy Act of 2005 and eliminates certain Alaska royalty relief provisions, voiding any related regulations.
• The bill requires the Directors of the Bureau of Land Management and Bureau of Ocean Energy Management to submit annual reports to Congress detailing oil and gas royalty relief applications, approvals, denials, production data, and revenue impact estimates.
• The bill directs the Secretary of the Interior to establish standardized oil and gas transportation allowances for royalty calculations, capped at the lesser of 30% of total production value or actual and reasonable transportation costs.
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• The bill requires the Directors of the Bureau of Land Management and Bureau of Ocean Energy Management to submit annual reports to Congress detailing oil and gas royalty relief applications, approvals, denials, production data, and revenue impact estimates.
• The bill directs the Secretary of the Interior to establish standardized oil and gas transportation allowances for royalty calculations, capped at the lesser of 30% of total production value or actual and reasonable transportation costs.
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