S. 940 (112th): Close Big Oil Tax Loopholes Act

Introduced:
May 10, 2011 (112th Congress, 2011–2013)
Sponsor:
Sen. Robert “Bob” Menéndez [D-NJ]
Status:
Died (Reported by 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 May 11, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced May 10, 2011
Reported by Committee May 11, 2011
Votes

On the Motion to Proceed S. 940
May 17, 2011 6:17 p.m.
Motion to Proceed Rejected 52/48

Cosponsors
28 cosponsors (27D, 1I) (show)
Full Title

A bill to reduce the Federal budget deficit by closing big oil tax loopholes, and for other purposes.

Summary

No summaries available.

Text

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Last updated May 11, 2011.
16 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.

5/10/2011--Introduced.
Close Big Oil Tax Loopholes Act - Expresses the sense of the Senate that:
(1) the President and Administration should be commended for recognizing the severity of high gas prices and for taking appropriate actions to help reduce gas prices;
(2) Congress should take additional actions to complement the efforts of the President;
(3) the Organization of Petroleum Exporting Countries (OPEC) should contribute to the stabilization of world oil markets and prices and reduce the burden of high gasoline prices by using existing idle oil production capacity to compensate for any supply shortages; and
(4) U.S. economic, environmental, and national security depend on a sustained effort to reduce and eventually eliminate the dependence of the United States on oil.
Amends the Internal Revenue Code to deny to oil companies with gross receipts in excess of $1 billion in a taxable year and an average daily worldwide production of crude oil of at least 500,000 barrels a year:
(1) a foreign tax credit if such company is a dual capacity taxpayer, as defined by this Act;
(2) the tax deduction for income attributable to domestic production of oil, natural gas, or primary products thereof;
(3) the tax deduction for intangible drilling and development costs;
(4) the percentage depletion allowance for oil and gas wells; and
(5) the tax deduction for qualified tertiary injectant expenses.
Amends the Energy Policy Act of 2005 to repeal the authority of the Secretary of the Interior to grant royalty relief (suspension of royalties) for natural gas production from deep wells and deep water oil and gas production in the Outer Continental Shelf. Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the public debt.
Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

House Republican Conference Summary

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No summary available.

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

Slip Laws

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United States Code

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Statutes at Large

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  • 124 Stat. 1376