# 119-s-5350: American Energy Independence and Tax Fairness Act

119-s-5350, American Energy Independence and Tax Fairness Act, is a 119th Congress bill sponsored by Sen. Heinrich, Martin [D-NM] (D-NM); status introduced; PRIA reads it as touching household money (as of 2026-08-26).

- Canonical: https://policyrisk.com/legislation/119-s-5350
- As of: 2026-08-26
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-5350
- Congress: 119
- Title: American Energy Independence and Tax Fairness Act
- Status: introduced
- Introduced: 2026-08-06
- Sponsor: Sen. Heinrich, Martin [D-NM] (D-NM)
- Cosponsors: 0
- Policy area: Taxation
- Touches household money: yes
- Last recorded action: 2026-08-26

## Summary

**Expands U.S. tax reach over foreign oil and gas income.** This bill would widen which foreign energy earnings U.S. companies must include for tax purposes and restrict certain foreign tax credits for entities that also act as government payers. - U.S. shareholders of foreign corporations would see more foreign oil and gas income counted in the Global Intangible Low-Taxed Income (GILTI) base, because the bill adds foreign oil and gas extraction income to net controlled foreign corporation tested income. These changes apply to taxable years of foreign corporations beginning after enactment and to the matching U.S. shareholder years. - Energy producers with oil shale and tar sands operations would have those extraction receipts treated like oil and gas under U.S. tax rules, because the bill inserts "oil shale or tar sands" into the definitions. That change applies to taxable years beginning after enactment. - Companies that pay host-country charges could lose foreign tax credit treatment for those payments under a new "dual capacity" rule unless the country imposes a generally applicable income tax or the payment does not exceed that tax. The special foreign tax credit rule starts for foreign corporations' taxable years beginning after December 31, 2026, and for the related U.S. shareholder years.

## Provisions PRIA read

- Limits on foreign oil-and-gas tax credits: cost, high. The bill would disallow some payments tied to combined foreign oil and gas income from counting as foreign taxes for credit purposes. Payments would not count as a ‘‘tax’’ if the foreign jurisdiction does not impose a generally applicable income tax for the period. Payments would also not count to…
- More U.S. tax on foreign oil: cost, medium. The bill would count foreign oil and gas extraction income when computing GILTI for U.S. shareholders. It would also add oil shale and tar sands to the legal definition of foreign oil and gas income. If enacted, U.S. shareholders of affected foreign companies would likely pay more U.S. tax on those…

## Related bills

- 119-s-5071: Children's Safe Welcome Act of 2026
- 119-s-5283: Momnibus Act
- 119-s-1507: Agriculture Resilience Act of 2025
- 119-s-4504: Full-Service Community School Expansion Act of 2026
- 119-s-3990: PrEP Access and Coverage Act of 2026
- 119-s-2823: FAMILY Act

## Sources
- [119-s-5350 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/5350)

## Related
- [119-s-5071: Children's Safe Welcome Act of 2026](https://policyrisk.com/legislation/119-s-5071)
- [119-s-5283: Momnibus Act](https://policyrisk.com/legislation/119-s-5283)
- [119-s-1507: Agriculture Resilience Act of 2025](https://policyrisk.com/legislation/119-s-1507)
- [119-s-4504: Full-Service Community School Expansion Act of 2026](https://policyrisk.com/legislation/119-s-4504)
- [119-s-3990: PrEP Access and Coverage Act of 2026](https://policyrisk.com/legislation/119-s-3990)
- [119-s-2823: FAMILY Act](https://policyrisk.com/legislation/119-s-2823)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-5350 (as of 2026-08-26).