H.R. 609: End Big Oil Tax Subsidies Act of 2013

Introduced:
Feb 12, 2013
Status:
Referred to Committee
Prognosis
0% chance of being enacted
Track this bill
Sponsor
Earl Blumenauer
Representative for Oregon's 3rd congressional district
Party
Democrat
Text
Read Text »
Last Updated
Feb 12, 2013
Length
10 pages
Related Bills
H.R. 601 (112th) was a previous version of this bill.

Referred to Committee
Last Action: Feb 10, 2011

H.R. 601 (Related)
Permanent Repeal of Oil Subsidies Act

Referred to Committee
Last Action: Feb 08, 2013

 
Status

This bill was assigned to a congressional committee on February 12, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Feb 12, 2013
Referred to Committee Feb 12, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

1% chance of getting past committee.
0% chance of being enacted.

Only 11% of bills made it past committee and only about 3% were enacted in 2011–2013. [show factors | methodology]

 
Full Title

To amend the Internal Revenue Code of 1986 to repeal fossil fuel subsidies for large oil companies.

Summary

No summaries available.

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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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.


2/12/2013--Introduced.
End Big Oil Tax Subsidies Act of 2013 - 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

The House Democratic Caucus does not provide summaries of bills.

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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