H.R. 4231 (112th): Gas Rebate Act of 2012

Introduced:
Mar 21, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. John Yarmuth [D-KY3]
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 March 21, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 21, 2012
Referred to Committee Mar 21, 2012
Cosponsors
17 cosponsors (17D) (show)
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 repeal certain tax breaks for gas and oil companies and to refund the revenue savings to registered vehicle owners.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Mar 21, 2012.
13 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.

3/21/2012--Introduced.
Gas Rebate Act of 2012 - 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 to seven years the required amortization period for geological and geophysical expenditures.
Allows registered motor vehicle owners a rebate against income tax based on their share of revenues saved from the repeal of the tax incentives for oil and gas companies by this Act.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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