S. 258 (112th): Close Big Oil Tax Loopholes Act

Introduced:
Feb 02, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
See Instead:

S. 940 (same title)
Reported by Committee — May 11, 2011

Sponsor
Robert “Bob” Menéndez
Senator from New Jersey
Party
Democrat
Text
Read Text »
Last Updated
Feb 02, 2011
Length
14 pages
Related Bills
S. 3405 (111th) was a previous version of this bill.

Referred to Committee
Last Action: May 24, 2010

S. 307 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Feb 13, 2013

 
Status

This bill was introduced on February 2, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 02, 2011
Referred to Committee Feb 02, 2011
 
Full Title

A bill to amend the Internal Revenue Code of 1986 to eliminate oil and gas company preferences.

Summary

No summaries available.

Cosponsors
11 cosponsors (10D, 1I) (show)
Committees

Senate Finance

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

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

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.


2/2/2011--Introduced.
Close Big Oil Tax Loopholes Act - Amends the Internal Revenue Code to deny to taxpayers with gross revenues in excess of $100 million in a taxable year (applicable large taxpayers):
(1) the tax deduction for intangible drilling and development costs,
(2) the tax deduction for qualified tertiary injectant expenses,
(3) the exemption from restrictions on the deductibility of passive losses,
(4) the percentage depletion allowance for oil and gas wells, and
(5) the tax deduction for income attributable to domestic production of oil, natural gas, or primary products thereof.
Requires applicable large taxpayers to amortize their geological and geophysical expenditures over a seven-year period.
Imposes on producers of taxable crude oil or natural gas a 13% excise tax on the removal price of such oil and natural gas produced from lands on the Outer Continental Shelf in the Gulf of Mexico. Allows a nonrefundable credit against such tax for royalties paid under federal law with respect to the production of such crude oil and natural gas.
Denies a foreign tax credit to any large integrated oil company that is subject to a levy of a foreign country or possession of the United States and receives an economic benefit from such country or possession (dual capacity taxpayer) if such country or possession does not impose a generally applicable income tax.

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.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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