H.R. 10434: Empower Energy Exporting Communities Act

This bill would create a new federal trust fund called the Oil and Gas Community Trust Fund in the U.S. Treasury. The fund would receive money equal to 3% of the net federal corporate income tax revenue collected from certain oil and gas companies, starting with tax years after the bill becomes law.

What companies would be covered

The bill defines a covered company as a corporation that gets a significant portion of its gross receipts from the production, refining, processing, transportation, or distribution of oil, gas, or related primary products.

How the money would be used

Money in the trust fund could be spent by the Treasury Secretary without needing additional yearly appropriations from Congress and without an expiration date. The money would go to eligible oil and gas communities for infrastructure and public service investments.

Which communities could receive money

To qualify, a county, parish, municipality, or Tribal community would have to be located within 50 miles of a major port used to export oil, gas, or related primary products.

How payments would be limited

The bill would cap how much money can go to communities in each port region in a given year. The amount allocated to a region would be tied to that region’s share of the nation’s total oil and gas exports through major ports, based on the most recent available data.

Relevant Companies

None found