H.R. 5644 (111th): End Big Oil Tax Subsidies Act of 2010

Introduced:
Jun 30, 2010 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee) in a previous session of Congress

This bill was introduced on June 30, 2010, in a previous session of Congress, but was not enacted.

Introduced
Jun 30, 2010
 
Sponsor
Earl Blumenauer
Representative for Oregon's 3rd congressional district
Party
Democrat
Text
Read Text »
Last Updated
Jun 30, 2010
Length
9 pages
Related Bills
H.R. 601 (112th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Feb 10, 2011

 
Full Title

To amend the Internal Revenue Code of 1986 to repeal fossil fuel subsidies for large oil companies.

Summary

No summaries available.

 
 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


6/30/2010--Introduced.
End Big Oil Tax Subsidies Act of 2010 - 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.
Denies the election to expense the cost of refinery property which is used to process liquid fuel from tar sands, shale, or coal (including lignite).

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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