H. R. 1426
IN THE HOUSE OF REPRESENTATIVES
April 9, 2013
Mr. Bishop of New York introduced the following bill; which was referred to the Committee on Ways and Means
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.
This Act may be cited as the
Big Oil Welfare Repeal Act of
Deduction for income attributable to domestic production activities not allowed with respect to oil and gas activities of major integrated oil companies
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)))
The amendment made by subsection (a) shall apply to taxable years beginning after the date of the enactment of this Act.