GovTrack’s Bill Summary
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H.R. 609: End Big Oil Tax Subsidies Act of 2013
- Introduced:
- Feb 12, 2013 (113th Congress, 2013–2015)
- Sponsor:
- Rep. Earl Blumenauer [D-OR3]
- Status:
- Referred to Committee
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
- Full Title
To amend the Internal Revenue Code of 1986 to repeal fossil fuel subsidies for large oil companies.
- Summary
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No summaries available.
- Text
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Last updated Feb 12, 2013.
10 pages
- Primary Source
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View on THOMAS (The Library of Congress)
GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.
- Citation
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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.
2/12/2013--Introduced.
End Big Oil Tax Subsidies Act of 2013 - 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
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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