H.R. 601 (112th): End Big Oil Tax Subsidies Act of 2011

Introduced:
Feb 10, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Earl Blumenauer
Representative for Oregon's 3rd congressional district
Party
Democrat
Text
Read Text »
Last Updated
Feb 10, 2011
Length
10 pages
Related Bills
H.R. 5644 (111th) was a previous version of this bill.

Referred to Committee
Last Action: Jun 30, 2010

H.R. 609 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Feb 12, 2013

 
Status

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

Progress
Introduced Feb 10, 2011
Referred to Committee 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.

Cosponsors
52 cosponsors (52D) (show)
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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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.


2/10/2011--Introduced.
End Big Oil Tax Subsidies Act of 2011- 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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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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