H.R. 1689 (112th): Big Oil Welfare Repeal Act of 2011

112th Congress, 2011–2013. Text as of May 03, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

1st Session

H. R. 1689

IN THE HOUSE OF REPRESENTATIVES

May 3, 2011

(for himself, Mr. Filner, Ms. Schwartz, Ms. Lee of California, Ms. Hirono, Mrs. Maloney, Mr. Engel, Mr. Carney, Mr. McGovern, Mr. Rothman of New Jersey, Ms. Moore, Ms. Linda T. Sánchez of California, Mr. Ackerman, Mr. Deutch, Mr. Blumenauer, Mr. Jackson of Illinois, Mr. Rush, Mr. Yarmuth, Mr. Van Hollen, Mr. Holt, Ms. Castor of Florida, Mr. Johnson of Georgia, Mr. Carnahan, Mr. Hinchey, Mr. Welch, Mr. Kildee, Mr. Tonko, Mr. Farr, Ms. Hanabusa, Mr. Quigley, Mr. Cicilline, Mrs. Lowey, Mr. Keating, Mr. Conyers, Mr. Nadler, Ms. Kaptur, Ms. Norton, Mr. Brady of Pennsylvania, Mrs. Capps, Ms. Bass of California, Ms. McCollum, Mr. Braley of Iowa, Mr. Meeks, Ms. Slaughter, Mr. George Miller of California, Mr. Grijalva, Mr. Israel, Ms. Roybal-Allard, Mr. Andrews, Mr. Higgins, Ms. Sutton, and Mr. Serrano) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to disallow the deduction for income attributable to domestic production activities with respect to oil and gas activities of major integrated oil companies.

1.

Short title

This Act may be cited as the Big Oil Welfare Repeal Act of 2011.

2.

Deduction for income attributable to domestic production activities not allowed with respect to oil and gas activities of major integrated oil companies

(a)

In general

Subparagraph (B) of section 199(c)(4) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (ii), by striking the period at the end of clause (iii) and inserting , and, and by inserting after clause (iii) the following new clause:

(iv)

in the case of a major integrated oil company (as defined in section 167(h)(5)), the production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof.

.

(b)

Effective date

The amendment made by subsection (a) shall apply to taxable years beginning after the date of the enactment of this Act.