Energy Fairness for America Act
Latest action · Jan 22, 2007 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 22, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Energy Fairness for America Act - Amends the Internal Revenue Code to terminate: (1) the tax deduction for oil and gas intangible drilling and development costs; (2) the percentage depletion allowance for oil and gas wells; and (3) the tax credit for enhanced oil recovery costs.
Repeals provisions of the Energy Policy Act of 2005 relating to: (1) oil and gas royalties in-kind; (2) marginal property production incentives; (3) incentives for natural gas production in the Gulf of Mexico; (4) royalty suspension for deep water production; (5) the inventory of Outer Continental Shelf oil and natural gas resources; (6) Alaska offshore royalty suspension; (7) accelerated depreciation of electric transmission property, natural gas distribution lines, and natural gas gathering lines and expensing of liquid fuel refinery property; (8) the exemption of small oil refiners from limitations on the oil depletion allowance; and (9) two-year amortization of geological and geophysical expenditures.
Requires certain large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum productions using a specified formula.
Limits or denies the foreign tax credit and tax deferrals for dual capacity taxpayers (taxpayers receiving economic and tax benefits from certain foreign jurisdictions), foreign oil and gas income, and foreign oil and gas extraction income.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Jan 22, 2007Introduced in Senate
- Jan 22, 2007Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 586 | Energy Fairness for America Act | Identical bill | Feb 7, 2007 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Alaska
- Commerce
- Corporation taxes
- Depletion allowances
- Electric power transmission
- Energy
- Energy transportation
- Foreign tax credit
- Gas in submerged lands
- Geology
- Geophysical prediction
- Gulf of Mexico
- Income tax
- Inventories
- Marine and coastal resources, fisheries
- Natural gas
- Oil and gas royalties
- Oil well drilling
- Petroleum in submerged lands
- Petroleum industry
- Petroleum refineries
- Pipelines
- Submarine oil well drilling
- Tax administration
- Tax credits
- Tax deductions
- Tax deferral
- Taxation
- Taxation of foreign income
- Transportation and Public Works
Text 1
Each version as it was printed, newest first.
- Jan 22, 2007Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.