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This bill amends the Internal Revenue Code to create tax-advantaged oil and natural gas remediation and restoration accounts for small energy producers. Eligible small producers (those with no more than 500 full-time equivalent employees and engaged in oil or gas extraction) may deduct up to $35,000 annually (adjusted for inflation) in contributions to these accounts. Funds in the accounts may be used tax-free for qualified well capping, closing, and remediation costs, with a 25 percent penalty tax on distributions used for other purposes.
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