H.R. 1426: Big Oil Welfare Repeal Act of 2013

113th Congress, 2013–2015. Text as of Apr 09, 2013 (Introduced).

Status & Summary | PDF | Source: GPO and Cato Institute Deepbills

I

113th CONGRESS

1st Session

H. R. 1426

IN THE HOUSE OF REPRESENTATIVES

April 9, 2013

introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to disallow the deduction for income attributable to domestic production activities with respect to oil and gas activities of major integrated oil companies.

1.

Short title

This Act may be cited as the Big Oil Welfare Repeal Act of 2013 .

2.

Deduction for income attributable to domestic production activities not allowed with respect to oil and gas activities of major integrated oil companies

(a)

In general

Subparagraph (A) of section 199(d)(9) of the Internal Revenue Code of 1986 is amended by inserting (9 percent in the case of any major integrated oil company (as defined in section 167(h)(5)(B))) after 3 percent.

(b)

Effective date

The amendment made by subsection (a) shall apply to taxable years beginning after the date of the enactment of this Act.