Memorializes President and United States Congress to enact legislation that would eliminate preferential federal tax treatment for oil and natural gas companies.

This New Jersey Senate concurrent resolution asks the President and Congress to remove special federal tax breaks currently given to oil and natural gas companies. The bill specifically targets provisions like expanded deductions for drilling costs, lower royalty rates, and increased carbon capture credits that were added in a recent federal act. By requesting the elimination of these incentives, the resolution aims to stop the estimated $15 to $30 billion in annual federal subsidies provided to highly profitable energy firms. The measure does not directly change state laws or impose new penalties but serves as a formal request for federal legislative action to create a more equitable tax system.