Bill closes tax breaks for U.S. oil companies working overseas.
S. 5350 — American Energy Independence and Tax Fairness Act · Filed by Martin Heinrich (D-NM) · Introduced Aug 6, 2026 · Referred to committee
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What it does
The bill stops U.S. oil and gas companies from avoiding taxes on money they make in other countries. It adds oil shale and tar sands to types of foreign oil work that must be taxed. It stops companies that get special deals from foreign governments from using tax credits to hide profits. These changes would make U.S. energy companies pay more in taxes.
Who it affects
U.S. oil and gas companies with work in other countries would pay more in taxes. The U.S. government would collect more tax money.
One thing to notice
The bill takes effect on December 31, 2026. This gives companies time to change their foreign operations before the new rules start.
From the analysis of the bill text, linked under Primary records below.
Where it stands
- Aug 6, 2026 — Introduced · Congress.gov: “Introduced in Senate”
- Aug 6, 2026 — Referred to Senate Committee on Finance · Congress.gov: “Read twice and referred to the Committee on Finance”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Words to know
- tax credits — Money a company subtracts from taxes it owes.
- oil shale and tar sands — Types of rock and soil that contain oil needing special extraction methods.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (3,178 characters) on Aug 18, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 14,206 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-09-17.
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