End Polluter Welfare Act of 2024
12/19/2024, 9:07 AMSummary of Bill HR 8554
The End Polluter Welfare Act of 2024, also known as Bill 118 hr 8554, is a piece of legislation introduced in the US Congress aimed at eliminating taxpayer subsidies and other forms of financial support for the fossil fuel industry. The bill seeks to redirect these funds towards renewable energy sources and other environmentally friendly initiatives.If passed, the End Polluter Welfare Act would put an end to various tax breaks, subsidies, and other financial incentives that currently benefit oil, gas, and coal companies. These subsidies are estimated to cost taxpayers billions of dollars each year and are seen as a form of corporate welfare for industries that contribute to climate change and environmental degradation.
The bill also includes provisions to increase funding for renewable energy research and development, as well as for programs that support energy efficiency and conservation efforts. Additionally, the legislation aims to promote job creation in the clean energy sector and help transition workers in the fossil fuel industry to new, sustainable jobs. Supporters of the End Polluter Welfare Act argue that it is a necessary step towards addressing climate change and reducing the country's dependence on fossil fuels. They believe that ending taxpayer subsidies for the fossil fuel industry will level the playing field for renewable energy sources and encourage greater investment in clean energy technologies. Opponents of the bill, however, argue that eliminating subsidies for the fossil fuel industry could lead to job losses and economic instability in regions that rely heavily on these industries. They also contend that the government should not pick winners and losers in the energy sector and that market forces should determine the most efficient and cost-effective sources of energy. Overall, the End Polluter Welfare Act of 2024 is a controversial piece of legislation that has sparked debate among lawmakers, industry stakeholders, and environmental advocates. Its fate in Congress remains uncertain, but its introduction reflects growing concerns about the environmental and economic impacts of continued support for the fossil fuel industry.
Current Status of Bill HR 8554
Bill HR 8554 is currently in the status of Bill Introduced since May 23, 2024. Bill HR 8554 was introduced during Congress 118 and was introduced to the House on May 23, 2024. Bill HR 8554's most recent activity was Referred to the Subcommittee on Trade. as of December 17, 2024Bipartisan Support of Bill HR 8554
Total Number of Sponsors
2Democrat Sponsors
2Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
27Democrat Cosponsors
27Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 8554
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 8554
To eliminate certain subsidies for fossil-fuel production.To eliminate certain subsidies for fossil-fuel production.Comments
Most relevant
Sponsors and Cosponsors of HR 8554
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