Oil Industry Tax Break Repeal Act of 2007
Latest action · Feb 16, 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.
- IntroducedFeb 16, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Oil Industry Tax Break Repeal Act of 2007 - Amends the Internal Revenue Code to: (1) increase the amortization period for the geological and geophysical expenditures of certain large integrated oil companies (defined as having an average daily worldwide crude oil production level of at least 500,000 barrels and more than $1 billion in gross receipts) from five to seven years; (2) limit the oil depletion allowance; (3) terminate accelerated depreciation of natural gas distribution lines and Alaska natural gas pipelines, expensing of equipment used in refining of liquid fuels, the tax deduction for intangible drilling and development costs, and the tax credits for enhanced oil recovery and for producing oil and gas from marginal wells; (4) classify natural gas gathering lines as 15-year property for depreciation purposes; and (5) deny large integrated oil companies the tax deduction for income attributable to the domestic production of oil, natural gas, or related products.
Requires large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum products according to a specified formula. Denies such oil companies a foreign tax credit for payments to certain foreign countries from which they receive a specified economic benefit as a dual capacity taxpayer.
Establishes in the Treasury the Energy Trust Fund and directs the transfer to such Fund of revenues resulting from the repeal of oil industry tax benefits by this Act.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Feb 16, 2007Introduced in Senate
- Feb 16, 2007Read twice and referred to the Committee on Finance.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Accounting
- Alaska
- Alternative energy sources
- Commerce
- Depletion allowances
- Depreciation and amortization
- Economics and Public Finance
- Energy
- Energy efficiency
- Energy research
- Energy transportation
- Finance and Financial Sector
- Foreign tax credit
- Gas industry
- Geology
- Geophysical prediction
- Government trust funds
- Income tax
- Inventories
- Natural gas
- Oil well drilling
- Petroleum industry
- Pipelines
- Research and development
- Science, Technology, Communications
- Tax credits
- Tax deductions
- Taxation
- Valuation
Text 1
Each version as it was printed, newest first.
- Feb 16, 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.