We have received text from H.R. 4714: End Polluter Welfare Act of 2025. This bill was received on 2025-07-23, and currently has 20 cosponsors.
Here is a short summary of the bill:
The "End Polluter Welfare Act of 2025" is a legislative proposal focused on reducing financial support for fossil fuel industries and promoting sustainable energy practices. Here are the main components of the bill:
Elimination of Fossil Fuel Subsidies
The bill aims to end various subsidies currently provided to fossil fuel companies. This includes:
- Terminating tax expenditures that benefit fossil fuel production.
- Repealing royalty relief, which allows fossil fuel companies to pay reduced fees for extracting resources.
- Prohibiting federal funding for projects that support fossil fuels.
The intention is to redirect financial resources toward more sustainable energy initiatives.
Tax Treatment and Provisions
Several tax-related provisions are outlined in the bill:
- It addresses the treatment of dual capacity taxpayers, specifying how they will be taxed.
- Defines generally applicable income tax and outlines exceptions related to fossil fuels and renewable energy sources.
- Includes provisions for tax deductions applicable to oil spill liability and establishes specific taxes on crude oil.
- Modifications to renewable energy credits are also specified, with different effective dates for each provision.
Foreign Base Company Income
The bill provides a definition for "foreign base company oil related income" and includes specific taxation rules. Notably:
- Income from foreign companies producing less than 1,000 barrels of oil per day will be excluded from taxation.
- Requirements for reporting on carbon credits are established to promote transparency regarding carbon emissions.
- The bill reinforces the repeal of fossil fuel subsidies and includes adjustments to clean hydrogen production credits that take effect after the law is enacted.
Overall Goals
The overarching goals of the "End Polluter Welfare Act of 2025" are to reduce incentives for fossil fuel production and support a transition towards renewable energy sources, contributing to sustainability and potentially addressing climate change concerns.
Relevant Companies
- XOM (Exxon Mobil Corporation) - As a major player in the fossil fuel industry, the elimination of subsidies could significantly impact their profitability and operational funding.
- CVX (Chevron Corporation) - Similar to Exxon, Chevron could face financial challenges due to reduced federal support and increased taxation on fossil fuel activities.
- RDS.A (Royal Dutch Shell plc) - As a global oil company, the bill could affect Shell’s cost structure and investment strategies in fossil fuels.
Representative Ilhan Omar Bill Proposals
Here are some bills which have recently been proposed by Representative Ilhan Omar:
- H.R.4714: End Polluter Welfare Act of 2025
- H.R.4241: Syria Sanctions Relief Act
- H.R.3652: National Police Misuse of Force Investigation Board Act of 2025
- H.R.3651: Protecting Our Protesters Act of 2025
- H.R.2009: Global Criminal Justice Act
- H.R.1111: Department of Peacebuilding Act of 2025
You can track bills proposed by Representative Ilhan Omar on Quiver Quantitative's politician page for Omar.
Representative Ilhan Omar Net Worth
Quiver Quantitative estimates that Representative Ilhan Omar is worth $18.1M, as of August 5th, 2025. This is the 61st highest net worth in Congress, per our live estimates.
Omar has approximately $0 invested in publicly traded assets which Quiver is able to track live.
You can track Representative Ilhan Omar's net worth on Quiver Quantitative's politician page for Omar.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
