Gas Rebate Act of 2012
Latest action · Mar 21, 2012 Referred to the House Committee on Ways and Means.
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.
- IntroducedMar 21, 2012
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Gas Rebate Act of 2012 - Amends the Internal Revenue Code to repeal certain tax incentives for oil and gas companies, including: (1) the tax credit for enhanced oil recovery, (2) the tax credit for producing oil and gas from marginal wells, (3) the expensing allowance for intangible drilling and development costs, (4) the tax deduction for tertiary injectant expenses, (5) the exception to passive loss limitations for working interests in oil and gas properties, and (6) percentage depletion for oil and gas wells.
Denies a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof. Extends to seven years the required amortization period for geological and geophysical expenditures.
Allows registered motor vehicle owners a rebate against income tax based on their share of revenues saved from the repeal of the tax incentives for oil and gas companies by this Act.
Cosponsors 17
Members who signed on, in the order they did. Signatures ran from Mar 21, 2012 to May 30, 2012; 13 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Adam B. Schiff | Original | Mar 21, 2012 |
| D-IN | André Carson | Original | Mar 21, 2012 |
| D-CA | Bob Filner | Original | Mar 21, 2012 |
| D-NY | Charles B. Rangel | Original | Mar 21, 2012 |
| D-MD | Chris Van Hollen | Original | Mar 21, 2012 |
| D-CA | Fortney Pete Stark | Original | Mar 21, 2012 |
| D-VA | Gerald E. Connolly | Original | Mar 21, 2012 |
| D-CA | Janice Hahn | Original | Mar 21, 2012 |
| D-CA | Jerry McNerney | Original | Mar 21, 2012 |
| D-IL | Jesse L. Jackson, Jr. | Original | Mar 21, 2012 |
| D-MI | John Conyers, Jr. | Original | Mar 21, 2012 |
| D-CA | Judy Chu | Original | Mar 21, 2012 |
| D-OH | Tim Ryan | Original | Mar 21, 2012 |
| D-VT | Peter Welch | Mar 22, 2012 | |
| D-NC | Mike McIntyre | Mar 29, 2012 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Mar 21, 2012 |
Actions 2
Everything that happened, newest first.
- Mar 21, 2012Introduced in House
- Mar 21, 2012Referred to the House Committee on Ways and Means.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H1497.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1959 | Pain at the Pump Act | Related bill | Sep 8, 2011 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to repeal certain tax breaks for gas and oil companies and to refund the revenue savings to registered vehicle owners.
- Short Titles as Introduced
- Gas Rebate Act of 2012
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Mar 21, 2012Introduced in House
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
