HR 609 · 113th Congress 2013–2015, ended

End Big Oil Tax Subsidies Act of 2013

Introduced Feb 12, 2013 Originated House Sponsor Earl Blumenauer D-OR

Fact sheet

Latest action · Feb 12, 2013 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.

  1. IntroducedFeb 12, 2013
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

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..

Cosponsors 41

Members who signed on, in the order they did. Signatures ran from Feb 12, 2013 to Sep 18, 2014, with 26 there on the day it was introduced.

SeatCosponsorSigned on
D-CABarbara LeeOriginalFeb 12, 2013
D-MNBetty McCollumOriginalFeb 12, 2013
D-MEChellie PingreeOriginalFeb 12, 2013
D-MDChris Van HollenOriginalFeb 12, 2013
D-RIDavid N. CicillineOriginalFeb 12, 2013
D-MAEdward J. MarkeyOriginalFeb 12, 2013
D-DCEleanor Holmes NortonOriginalFeb 12, 2013
D-VAGerald E. ConnollyOriginalFeb 12, 2013
D-CAHenry A. WaxmanOriginalFeb 12, 2013
D-CAJackie SpeierOriginalFeb 12, 2013
D-MAJames P. McGovernOriginalFeb 12, 2013
D-VAJames P. MoranOriginalFeb 12, 2013
D-RIJames R. LangevinOriginalFeb 12, 2013
D-ILJanice D. SchakowskyOriginalFeb 12, 2013
D-COJared PolisOriginalFeb 12, 2013
Show all 41 cosponsors

Actions 3

Everything that happened, newest first.

  1. Feb 12, 2013Introduced in House
  2. Feb 12, 2013Referred to the House Committee on Ways and Means.
  3. Feb 12, 2013Sponsor introductory remarks on measure. (CR E130)

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
HR 601Permanent Repeal of Oil Subsidies ActRelated billFeb 21, 2013

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

  1. Feb 12, 2013Introduced in House

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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.