Martin Heinrich (D-NM)
American Energy Independence and Tax Fairness Act
A Democratic bill with no cosponsors
Last activity — Read twice and referred to the Committee on Finance.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill, titled the ``American Energy Independence and Tax Fairness Act'', seeks to amend the Internal Revenue Code of 1986. It aims to include foreign oil and gas extraction income in net CFC tested income. Additionally, it expands the definitions of foreign oil and gas extraction income and foreign oil related income to include income from extracting minerals from oil shale and tar sands. The bill also modifies foreign tax credit rules for certain taxpayers receiving specific economic benefits.
Yes· 3 of 5
- Scored +5
Does this raise the taxes companies pay?
The bill increases the tax burden on corporations by including more types of foreign oil and gas income in net CFC tested income.
- Scored +3
Does this raise taxes on the highest earners?
By targeting foreign oil and gas extraction income, the bill likely impacts large-scale investors and high-net-worth individuals.
- Scored +3
Does this give the federal government more power?
The bill expands federal tax authority over foreign-sourced extraction income including oil shale and tar sands.
The opposite· 3 of 5
- Scored -4
Would business owners be better off under this?
The bill imposes more stringent tax rules on energy extraction and reduces certain tax credit advantages for dual capacity taxpayers.
- Scored -3
Would high-income households be better off under this?
The changes to foreign tax credits and inclusion of more income in the tax base will likely negatively impact high-income taxpayers with foreign energy interests.
- Scored -3
Would people with substantial wealth be better off under this?
The tax amendments target larger scale foreign income and economic benefits often held by high-net-worth individuals.
Who it would affect, and how
Potential Positive Impacts for People
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Inclusion of oil shale and tar sands: The bill expands the definitions of foreign oil and gas extraction income and foreign oil related income to include income from the extraction of minerals from oil shale and tar sands (Section 3).
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Changes to foreign tax credit rules: The bill introduces new rules regarding how amounts paid by a dual capacity taxpayer to a foreign country or possession are considered a tax (Section 4).
Potential Negative Impacts for People
-
Changes to net CFC tested income: The bill amends the Internal Revenue Code to include foreign oil and gas extraction income in net CFC tested income (Section 2).
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Restrictions on tax considerations for dual capacity taxpayers: Under the new rules, amounts paid to a foreign country or possession for combined foreign oil and gas income may not be considered a tax if the country does not impose a generally applicable income tax or if the amount exceeds what would be paid under a generally applicable income tax (Section 4).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would business owners be better off under this? — The bill imposes more stringent tax rules on energy extraction and reduces certain tax credit advantages for dual capacity taxpayers. Would billionaires be better off under this? — The expansion of taxable income definitions affects very large financial interests in the energy sector. Would high-income households be better off under this? — The changes to foreign tax credits and inclusion of more income in the tax base will likely negatively impact high-income taxpayers with foreign energy interests. Would people with substantial wealth be better off under this? — The tax amendments target larger scale foreign income and economic benefits often held by high-net-worth individuals. Would the very wealthiest people be better off under this? — The bill impacts large-scale foreign oil and gas income which is often controlled by ultra-high-net-worth entities.
- Economy And Finance
- Does this raise the taxes companies pay? — The bill increases the tax burden on corporations by including more types of foreign oil and gas income in net CFC tested income. Does this raise taxes on the highest earners? — By targeting foreign oil and gas extraction income, the bill likely impacts large-scale investors and high-net-worth individuals. Does this make the government pay for what it commits to? — The bill aims to ensure more comprehensive tax collection on foreign oil income. Does this reduce what the federal government owes? — Increasing tax revenue from foreign oil and gas income could contribute to deficit reduction.
- Governance And Ideology
- Does this give the federal government more power? — The bill expands federal tax authority over foreign-sourced extraction income including oil shale and tar sands.
- 8/6/2026
- Read twice and referred to the Committee on Finance.
- Introduced in Senate