H.R. 1959 (112th): Pain at the Pump Act

Introduced:
May 24, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Paul Tonko [D-NY21]
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 24, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced May 24, 2011
Referred to Committee May 24, 2011
Cosponsors
4 cosponsors (4D) (show)
Committees

House Education and the Workforce

House Energy and Commerce

House Science, Space, and Technology

House Ways and Means

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

Full Title

To deny certain tax benefits to oil and gas companies and to invest the savings in clean energy programs.

Summary

No summaries available.

Text

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Last updated May 24, 2011.
12 pages

Primary Source

View on THOMAS (The Library of Congress)

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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.

5/24/2011--Introduced.
Pain at the Pump Act - Amends the Internal Revenue Code to repeal certain tax incentives for oil and gas companies, including:
(1) the tax credit for enhanced oil recovery,
(2) the tax credit for producing oil and gas from marginal wells,
(3) the expensing allowance for intangible drilling and development costs,
(4) the tax deduction for tertiary injectant expenses,
(5) the exception to passive loss limitations for working interests in oil and gas properties, and
(6) percentage depletion for oil and gas wells.
Denies a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof.
Extends the required amortization period for geological and geophysical expenditures.
Expresses the sense of Congress that increases in revenue resulting from this Act should be used to make additional expenditures for clean energy programs, including for alternative fuel technology, research and development, clean energy loan guarantees, and low-income home energy assistance.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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