People Over Petroleum Act

Hozzl · 2022-12-30T00:18:40Z

Explore the details of House Bill 7871 People Over Petroleum Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/30/2022, 12:18 AM

Summary of Bill HR 7871

Bill 117 HR 7871, also known as the People Over Petroleum Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to prioritize the needs and well-being of the American people over the interests of the petroleum industry.

The People Over Petroleum Act includes several key provisions aimed at reducing the country's reliance on fossil fuels and promoting clean energy alternatives. One of the main components of the bill is the establishment of a national renewable energy standard, which would require a certain percentage of the country's energy to come from renewable sources such as wind, solar, and hydroelectric power.

Additionally, the People Over Petroleum Act includes measures to increase funding for research and development of clean energy technologies, as well as incentives for businesses and individuals to invest in renewable energy projects. The bill also aims to phase out subsidies for the petroleum industry and redirect those funds towards renewable energy initiatives. Overall, the People Over Petroleum Act is a comprehensive piece of legislation that seeks to address the environmental and economic challenges posed by the petroleum industry. If passed, this bill has the potential to significantly reduce the country's carbon emissions and create new opportunities for growth in the clean energy sector.

Congressional Summary of HR 7871

People Over Petroleum Act

This bill repeals or limits certain fossil fuel subsidies for large oil companies. It also allows individual taxpayers a 2022 gas prices rebate for the first taxable year beginning in 2022. The bill defines 2022 gas prices rebate as the sum of $500 ($1,000 for joint returns), plus $500 times the number of taxpayer dependents who had attained the age of 16 as of the end of the taxable year.

The bill allows advance payments of the rebate and requires taxpayers to provide a Social Security account number on their tax returns.

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Current Status of Bill HR 7871

Bill HR 7871 is currently in the status of Bill Introduced since May 24, 2022. Bill HR 7871 was introduced during Congress 117 and was introduced to the House on May 24, 2022. Bill HR 7871's most recent activity was Referred to the House Committee on Ways and Means. as of May 24, 2022

Bipartisan Support of Bill HR 7871

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

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Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7871

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 7871

People Over Petroleum Act

To amend the Internal Revenue Code of 1986 to repeal fossil fuel subsidies for oil companies, to establish gas price rebates to individuals for 2022, and for other purposes.