Bill · S. 5350· Senate(119-S-5350)
American Energy Independence and Tax Fairness Act
- Introduced
- 8/6/2026
- Last activity
- 8/6/2026 — Read twice and referred to the Committee on Finance.
- Sponsored by
- Martin Heinrich
- Cosponsors
- None
- 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
Does this raise the taxes companies pay?+5
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?+3
By targeting foreign oil and gas extraction income, the bill likely impacts large-scale investors and high-net-worth individuals.
Does this give the federal government more power?+3
The bill expands federal tax authority over foreign-sourced extraction income including oil shale and tar sands.
The opposite· 3 of 5
Would business owners be better off under this?-4
The bill imposes more stringent tax rules on energy extraction and reduces certain tax credit advantages for dual capacity taxpayers.
Would high-income households be better off under this?-3
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?-3
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
-
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. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners-4Good For Billionaires-3Good For High Income Households-3Good For High Net Worth Individuals-3Good For Ultra High Net Worth Individuals-3
- Economy And Finance
- Increases Corporate Taxes+5Increases Wealthy Taxes+3Improves Fiscal Responsibility+2Reduces National Debt+2
- Governance And Ideology
- Increases Federal Power+3
- 8/6/2026
- Read twice and referred to the Committee on Finance.
- Introduced in Senate