H.R. 1813 (112th): Gas Price Relief Act of 2011

Introduced:
May 10, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Gerald Connolly [D-VA11]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on May 10, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced May 10, 2011
Referred to Committee May 10, 2011
Cosponsors
none
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to deny tax benefits to large oil companies and distribute the amounts raised to licensed drivers in order to provide relief from high gas prices.

Summary

No summaries available.

Text

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Last updated May 10, 2011.
11 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

5/10/2011--Introduced.
Gas Price Relief Act of 2011 - Directs the Secretary of the Treasury to distribute an equal amount of the revenues raised by this Act to each holder of a valid driver's license.
Amends the Internal Revenue Code to require seven-year amortization of the geological and geophysical expenditures of covered large oil companies.
Defines "covered large oil company" as a taxpayer which is a major integrated oil company or which has gross receipts in excess of $50 million in a taxable year.
Denies certain tax benefits to any taxpayer that is not a small, independent oil and gas company, including:
(1) the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery,
(2) expensing of intangible drilling and development costs in the case of gas wells and geothermal wells,
(3) percentage depletion,
(4) the tax deduction for qualified tertiary injectant expenses,
(5) the exemption from limitations on passive activity losses, and
(6) the tax deduction for income attributable to domestic production activities.
Prohibits the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies.
Limits or denies the foreign tax credit and tax deferrals for amounts paid or accrued by a dual capacity taxpayer to a foreign country or U.S. possession for any period with respect to combined foreign oil and gas income.
Defines "dual capacity taxpayer" as a person who is subject to a levy of a foreign country or U.S. possession and receives (or will receive) directly or indirectly a specific economic benefit from such county or possession.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)