S. 258 (112th): Close Big Oil Tax Loopholes Act

Introduced:
Feb 02, 2011 (112th Congress, 2011–2013)
Sponsor:
Sen. Robert “Bob” Menéndez [D-NJ]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as S. 307 on Feb 13, 2013. See S. 307 for current action on this subject.

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on February 2, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 02, 2011
Referred to Committee Feb 02, 2011
Cosponsors
11 cosponsors (10D, 1I) (show)
Committees

Senate Finance

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

Full Title

A bill to amend the Internal Revenue Code of 1986 to eliminate oil and gas company preferences.

Summary

No summaries available.

Text

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Last updated Feb 02, 2011.
14 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.

2/2/2011--Introduced.
Close Big Oil Tax Loopholes Act - Amends the Internal Revenue Code to deny to taxpayers with gross revenues in excess of $100 million in a taxable year (applicable large taxpayers):
(1) the tax deduction for intangible drilling and development costs,
(2) the tax deduction for qualified tertiary injectant expenses,
(3) the exemption from restrictions on the deductibility of passive losses,
(4) the percentage depletion allowance for oil and gas wells, and
(5) the tax deduction for income attributable to domestic production of oil, natural gas, or primary products thereof.
Requires applicable large taxpayers to amortize their geological and geophysical expenditures over a seven-year period.
Imposes on producers of taxable crude oil or natural gas a 13% excise tax on the removal price of such oil and natural gas produced from lands on the Outer Continental Shelf in the Gulf of Mexico. Allows a nonrefundable credit against such tax for royalties paid under federal law with respect to the production of such crude oil and natural gas.
Denies a foreign tax credit to any large integrated oil company that is subject to a levy of a foreign country or possession of the United States and receives an economic benefit from such country or possession (dual capacity taxpayer) if such country or possession does not impose a generally applicable income tax.

House Republican Conference Summary

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House Democratic Caucus Summary

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