Close Big Oil Tax Loopholes Act
Latest action · Feb 13, 2013 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 13, 2013
- 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 limit or repeal certain tax benefits for major integrated oil companies (defined as companies with annual gross receipts over $1 billion and an average daily worldwide production of crude oil of at least 500,000 barrels or certain successors in interest of such companies), including: (1) the foreign tax credit for companies that are dual capacity taxpayers; (2) the tax deduction for income attributable to the production, refining, processing, transportation, or distribution of oil, natural gas, or primary products thereof; (3) the tax deduction for intangible drilling and development costs; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for qualified tertiary injectant expenses.
Amends the Energy Policy Act of 2005 to repeal royalty relief (suspension of royalties) for: (1) natural gas production from deep wells in shallow waters of the Gulf of Mexico; and (2) deep water oil and gas production in the Western and Central Planning Area of the Gulf (including the portion of the Eastern Planning Area encompassing whole lease blocks lying west of 87 degrees, 30 minutes west longitude).
Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the federal debt.
Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.
Cosponsors 17
Members who signed on, in the order they did. Signatures ran from Feb 13, 2013 to Apr 11, 2013, with 16 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Al Franken | Original | Feb 13, 2013 |
| D-MN | Amy Klobuchar | Original | Feb 13, 2013 |
| D-MD | Benjamin L. Cardin | Original | Feb 13, 2013 |
| D-FL | Bill Nelson | Original | Feb 13, 2013 |
| D-NY | Charles E. Schumer | Original | Feb 13, 2013 |
| D-MO | Claire McCaskill | Original | Feb 13, 2013 |
| D-MI | Debbie Stabenow | Original | Feb 13, 2013 |
| D-NJ | Frank R. Lautenberg | Original | Feb 13, 2013 |
| D-RI | Jack Reed | Original | Feb 13, 2013 |
| D-NH | Jeanne Shaheen | Original | Feb 13, 2013 |
| D-OR | Jeff Merkley | Original | Feb 13, 2013 |
| D-NY | Kirsten E. Gillibrand | Original | Feb 13, 2013 |
| D-VT | Patrick J. Leahy | Original | Feb 13, 2013 |
| D-IL | Richard J. Durbin | Original | Feb 13, 2013 |
| D-RI | Sheldon Whitehouse | Original | Feb 13, 2013 |
Actions 2
Everything that happened, newest first.
- Feb 13, 2013Introduced in Senate
- Feb 13, 2013Read twice and referred to the Committee on Finance.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 277 | Job Preservation and Economic Certainty Act of 2013 | Related bill | Feb 11, 2013 |
| S 278 | Job Preservation and Sequester Replacement Act of 2013 | Related bill | Feb 11, 2013 |
| HR 2956 | End Welfare for Big Oil Act of 2013 | Related bill | Aug 9, 2013 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Feb 13, 2013Introduced 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.