S. 2204 (112th): Repeal Big Oil Tax Subsidies Act

Introduced:
Mar 19, 2012 (112th Congress, 2011–2013)
Status:
Died (Reported by Committee)
Sponsor
Robert “Bob” Menéndez
Senator from New Jersey
Party
Democrat
Text
Read Text »
Last Updated
Mar 20, 2012
Length
24 pages
Related Bills
H.R. 4108 (Related)
Clean Energy Jobs Act of 2012

Referred to Committee
Last Action: Feb 29, 2012

S. 940 (Related)
Close Big Oil Tax Loopholes Act

Reported by Committee
Last Action: May 11, 2011

 
Status

This bill was introduced on March 20, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 19, 2012
Reported by Committee Mar 20, 2012
 
Full Title

A bill to eliminate unnecessary tax subsidies and promote renewable energy and energy conservation.

Summary

No summaries available.

Votes
Mar 26, 2012 5:31 p.m.
Cloture Motion Agreed to 92/4
Mar 29, 2012 11:16 a.m.
Cloture Motion Rejected 51/47

Cosponsors
19 cosponsors (19D) (show)
 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate 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

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Library of Congress Summary

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


3/19/2012--Introduced.
Repeal Big Oil Tax Subsidies Act - Amends the Internal Revenue Code to extend through 2012:
(1) the tax credit for residential energy efficiency improvement expenditures,
(2) the tax credit for the purchase of plug-in electric vehicles,
(3) the tax credit for alternative fuel vehicle refueling property expenditures,
(4) the income and excise tax credits for biodiesel and renewable diesel used as fuel and fuel mixtures,
(5) the tax credit for production of electricity from refined coal production facilities,
(6) the tax credit for the construction of new energy-efficient homes,
(7) the tax credit for energy-efficient appliances,
(8) the suspension of the income limitation on percentage depletion for oil and gas from marginal wells,
(9) the excise tax credit for alternative fuels and fuel mixtures, and
(10) the tax credit for mine rescue team training expenditures and the election to expense mine safety equipment.
Extends through 2013: (1) the cellulosic biofuel producer tax credit, and (2) the special depreciation allowance for cellulosic biofuel plant property.
Extends the tax credit for the production of electricity from wind resources through 2013 and from other renewable resources through 2014. Allows an increase in such credit for production from Indian coal facilities.
Extends the tax credit for investment in wind facilities through 2013 and for investment in offshore facilities using wind to produce electricity through 2014.
Increases the allocation of credits under the qualifying advanced energy project (i.e., the project for the production of renewable and alternative energy resources).
Amends the American Recovery and Reinvestment Act of 2009 to extend through 2012 the grant program for investment in renewable energy resources in lieu of tax credits.
Modifies the definition of "cellulosic biofuel," for purposes of the cellulosic biofuel producer tax credit and the bonus depreciation allowance, to mean any liquid fuel which is derived solely by, or from, qualified feedstocks. Defines "qualified feedstocks" as any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis and any cultivated algae, cyanobacteria, or lemna.
Limits or repeals certain tax benefits for major integrated oil companies (defined as companies with annual gross receipts over $1 billion and an average daily worldwide production of crude oil of at least 500,000 barrels), including:
(1) the foreign tax credit;
(2) the tax deduction for income attributable to oil, natural gas, or primary products thereof;
(3) the tax deduction for intangible drilling and development costs;
(4) the percentage depletion allowance for oil and gas wells;
(5) the tax deduction for qualified tertiary injectant expenses.
Amends the Energy Policy Act of 2005 to repeal royalty relief (suspension of royalties) for: (1) natural gas production from deep wells in shallow waters of the Gulf of Mexico; and (2) deep water oil and gas production in the Western and Central Planning Area of the Gulf (including the portion of the Eastern Planning Area encompassing whole lease blocks lying west of 87 degrees, 30 minutes west longitude).
Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the federal debt.
Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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