U.S. Congress legislation · 119th Congress
HB10434: Empower Energy Exporting Communities Act
Status: In committee, September 16, 2026
To amend the Internal Revenue Code of 1986 to establish a dedicated trust fund for investments in oil and gas communities.
What the bill says
To amend the Internal Revenue Code of 1986 to establish a dedicated trust fund for investments in oil and gas communities.
From the introduced text, September 16, 2026:
A BILL To amend the Internal Revenue Code of 1986 to establish a dedicated trust fund for investments in oil and gas communities. SECTION 1. Short title This Act may be cited as the Empower Energy Exporting Communities Act . SECTION 2. Oil and Gas Community Trust Fund (a) In general Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: SECTION 9512. Oil and Gas Community Trust Fund (a) In general There is established in the Treasury of the United States a trust fund to be known as the Oil and Gas Community Trust Fund consisting of such amounts as may be appropriated to such Trust Fund as provided in this section and section 9602(b). (b) Transfers to trust fund (1) In general There are hereby appropriated to the Oil and Gas Community Trust Fund amounts equivalent to 3 percent of the net revenues received in the Treasury under section 11 from specified oil or gas companies for taxable years beginning after the date of the enactment of this section. (2) Specified oil or gas company The term specified oil or gas company means any corporation if a significant portion of the gross receipts of such corporation are attributable to the production, refining, processing, transportation, or …
Sponsors
- Vicente Gonzalez (D, HD-034) · primary sponsor
- Dan Crenshaw (R, HD-002)
Latest actions
- : Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- : Introduced in House
Subjects: Taxation
Common questions
- What is HB10434?
- HB10434 is a bill in Congress (119th Congress): Empower Energy Exporting Communities Act.
- What does HB10434 do?
- In its own words: To amend the Internal Revenue Code of 1986 to establish a dedicated trust fund for investments in oil and gas communities.
- What is the status of HB10434?
- In committee as of September 16, 2026. Latest action: Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (September 16, 2026).
- Who sponsored HB10434?
- Vicente Gonzalez (D, HD-034), with 1 co-sponsor.
- Where is the official record for HB10434?
- On the Congress website: https://www.congress.gov/bill/119th-congress/house-bill/10434
Source: official Congress record. Tracked by Delilah, AI for legislation across all 50 states and Congress.