H.R. 1889 (112th): Gas Tax Holiday Act

Introduced:
May 12, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Heath Shuler
Representative for North Carolina's 11th congressional district
Party
Democrat
Text
Read Text »
Last Updated
May 12, 2011
Length
19 pages
Related Bills
H.R. 1813 (Related)
Gas Price Relief Act of 2011

Referred to Committee
Last Action: May 10, 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 12, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced May 12, 2011
Referred to Committee May 12, 2011
 
Full Title

To amend the Internal Revenue Code of 1986 to suspend the excise tax on highway motor fuels, and for other purposes.

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)

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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.


5/12/2011--Introduced.
Gas Tax Holiday Act - Amends the Internal Revenue Code to suspend the excise tax on highway motor fuels for 45 days beginning 7 days after the enactment of this Act. Expresses the sense of Congress that consumers should immediately receive the benefit from the suspension of such tax (i.e., 18.4 cents per gallon tax reduction).
Denies or limits for any company that is not a small, independent oil and gas company certain tax benefits for one year, including:
(1) amortization of geological and geophysical expenditures;
(2) the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery costs;
(3) the tax deductions for intangible drilling and development costs for oil and gas wells and for tertiary injectant expenses;
(4) the percentage depletion allowance;
(5) the exemption from limits on the deductibility of passive activity losses; and
(6) the tax deduction for income attributable to domestic production activities relating to oil, natural gas, or any primary product thereof.
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.
Directs the Secretary of the Treasury to extend the one-year denial of tax benefits to any company that is not a small, independent oil and gas company if revenues raised during that period are insufficient to cover the cost of suspending the excise taxes on higway motor fuels.

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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