Close Big Oil Tax Loopholes Act
Latest action · Feb 2, 2011 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 2, 2011
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Close Big Oil Tax Loopholes Act - Amends the Internal Revenue Code to deny to taxpayers with gross revenues in excess of $100 million in a taxable year (applicable large taxpayers): (1) the tax deduction for intangible drilling and development costs, (2) the tax deduction for qualified tertiary injectant expenses, (3) the exemption from restrictions on the deductibility of passive losses, (4) the percentage depletion allowance for oil and gas wells, and (5) the tax deduction for income attributable to domestic production of oil, natural gas, or primary products thereof.
Requires applicable large taxpayers to amortize their geological and geophysical expenditures over a seven-year period.
Imposes on producers of taxable crude oil or natural gas a 13% excise tax on the removal price of such oil and natural gas produced from lands on the Outer Continental Shelf in the Gulf of Mexico. Allows a nonrefundable credit against such tax for royalties paid under federal law with respect to the production of such crude oil and natural gas.
Denies a foreign tax credit to any large integrated oil company that is subject to a levy of a foreign country or possession of the United States and receives an economic benefit from such country or possession (dual capacity taxpayer) if such country or possession does not impose a generally applicable income tax.
Cosponsors 11
Members who signed on, in the order they did. Signatures ran from Feb 2, 2011 to May 17, 2011; 7 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Barbara Boxer | Original | Feb 2, 2011 |
| D-FL | Bill Nelson | Original | Feb 2, 2011 |
| D-NJ | Frank R. Lautenberg | Original | Feb 2, 2011 |
| D-RI | Jack Reed | Original | Feb 2, 2011 |
| D-OR | Jeff Merkley | Original | Feb 2, 2011 |
| D-VT | Patrick J. Leahy | Original | Feb 2, 2011 |
| D-RI | Sheldon Whitehouse | Original | Feb 2, 2011 |
| D-NY | Charles E. Schumer | Feb 15, 2011 | |
| I-VT | Bernard Sanders | Mar 7, 2011 | |
| D-IL | Richard J. Durbin | Mar 7, 2011 | |
| D-WV | John D. Rockefeller IV | May 17, 2011 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Feb 2, 2011 |
Actions 2
Everything that happened, newest first.
- Feb 2, 2011Introduced in Senate
- Feb 2, 2011Read twice and referred to the Committee on Finance.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S2720 | Richard J. Durbin D-IL | May 5, 2011 |
| Senate | Debate and remarks S2480 | Robert Menendez D-NJ | Apr 14, 2011 |
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 940 | Close Big Oil Tax Loopholes Act | Related bill | May 17, 2011 |
| S 2204 | Repeal Big Oil Tax Subsidies Act | Related bill | Mar 29, 2012 |
| HR 4108 | Clean Energy Jobs Act of 2012 | Related bill | Mar 9, 2012 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to eliminate oil and gas company preferences.
- Short Titles as Introduced
- Close Big Oil Tax Loopholes Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Feb 2, 2011Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
