American Energy Independence and Tax Fairness Act
The source supplies the latest action, but no lifecycle stage.
Latest action (6 Aug 2026): Read twice and referred to the Committee on Finance.
What this bill does
S. 5350, introduced by Sen. Martin Heinrich (D-NM) on August 6, 2026, would amend the Internal Revenue Code of 1986 as it applies to U.S. multinational companies' foreign oil and gas operations. Based on the title, it would (1) include foreign oil and gas extraction income in the calculation of "net CFC tested income" — a category used in U.S. international tax rules for controlled foreign corporations — and (2) expand the definitions of "foreign oil and gas extraction income" and "foreign oil related income" to specifically include income from extracting minerals from oil shale and tar sands.
The bill would primarily affect U.S. corporations with foreign subsidiaries engaged in oil and gas extraction, including from oil shale and tar sands deposits, by changing how that income is treated under federal tax law. The practical financial or tax-rate effects on these companies are not stated in the available material.
The bill was introduced in the Senate on August 6, 2026, and referred to committee, as is standard for newly introduced legislation. Its full text has not yet been published, so no further detail on specific mechanisms, effective dates, or revenue effects is available. Next steps would typically include committee consideration before any vote by the full Senate; there is no indication yet of a hearing, markup, or scheduled floor action.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
6 Aug 2026
Read twice and referred to the Committee on Finance.
Common questions
- What does S. 5350 do?
- S. 5350, introduced by Sen. Martin Heinrich (D-NM) on August 6, 2026, would amend the Internal Revenue Code of 1986 as it applies to U.S. multinational companies' foreign oil and gas operations. Based on the title, it would (1) include foreign oil and gas extraction income in the calculation of "net CFC tested income" — a category used in U.S. international tax rules for controlled foreign corporations — and (2) expand the definitions of "foreign oil and gas extraction income" and "foreign oil related income" to specifically include income from extracting minerals from oil shale and tar sands. The bill would primarily affect U.S. corporations with foreign subsidiaries engaged in oil and gas extraction, including from oil shale and tar sands deposits, by changing how that income is treated under federal tax law. The practical financial or tax-rate effects on these companies are not stated in the available material. The bill was introduced in the Senate on August 6, 2026, and referred to committee, as is standard for newly introduced legislation. Its full text has not yet been published, so no further detail on specific mechanisms, effective dates, or revenue effects is available. Next steps would typically include committee consideration before any vote by the full Senate; there is no indication yet of a hearing, markup, or scheduled floor action.
- Has S. 5350 become law?
- The source does not supply a confirmed lifecycle stage for S. 5350. Check the latest action and official source below.
- Who sponsored S. 5350?
- S. 5350 was sponsored by Sen. Heinrich, Martin [D-NM] (D-NM), with 0 cosponsors.
- What's the latest action on S. 5350?
- Read twice and referred to the Committee on Finance. (6 Aug 2026).
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