H.R. 1813 (112th): Gas Price Relief Act of 2011

Introduced:
May 10, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Gerald Connolly
Representative for Virginia's 11th congressional district
Party
Democrat
Text
Read Text »
Last Updated
May 10, 2011
Length
11 pages
Related Bills
H.R. 1889 (Related)
Gas Tax Holiday Act

Referred to Committee
Last Action: May 12, 2011

H.R. 851 (Related)
Clean Energy Jobs Act of 2011

Referred to Committee
Last Action: Mar 01, 2011

 
Status

This bill was introduced on May 10, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced May 10, 2011
Referred to Committee May 10, 2011
 
Full Title

To amend the Internal Revenue Code of 1986 to deny tax benefits to large oil companies and distribute the amounts raised to licensed drivers in order to provide relief from high gas prices.

Summary

No summaries available.

Cosponsors
none
Committees

House Ways and Means

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

 
Primary Source

THOMAS.gov (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. Data comes via the congress project.

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Citation

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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.


5/10/2011--Introduced.
Gas Price Relief Act of 2011 - Directs the Secretary of the Treasury to distribute an equal amount of the revenues raised by this Act to each holder of a valid driver's license.
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

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

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