HR 3311 · 114th Congress 2015–2017, ended

End Oil and Gas Tax Subsidies Act of 2015

Introduced Jul 29, 2015 Originated House Sponsor Earl Blumenauer D-OR

Fact sheet Spreadsheet

Latest action · Jul 29, 2015 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. IntroducedJul 29, 2015
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

End Oil and Gas Tax Subsidies Act of 2015

This bill amends the Internal Revenue Code to:

  • increase to seven years the amortization period for geological and geophysical expenditures;
  • repeal the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery;
  • repeal the tax deduction for the intangible drilling and development costs of oil and gas wells;
  • repeal percentage depletion for oil and gas wells;
  • repeal the tax deduction for tertiary injectant expenses;
  • repeal the passive loss exception for working interests in oil and gas property;
  • deny the tax deduction for income attributable to domestic production activities for oil and gas activities;
  • prohibit the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies; and
  • limit the foreign tax credit for dual capacity taxpayers (i.e., taxpayers who are subject to a levy of a foreign country or U.S. possession and receive specific economic benefits from such country or possession).

Cosponsors 21

Members who signed on, in the order they did. Signatures ran from Jul 29, 2015 to Sep 11, 2015; 20 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
D-MNBetty McCollumOriginalJul 29, 2015
D-NJBill Pascrell, Jr.OriginalJul 29, 2015
D-NYCharles B. RangelOriginalJul 29, 2015
D-MDChris Van HollenOriginalJul 29, 2015
D-RIDavid N. CicillineOriginalJul 29, 2015
D-MDDonna F. EdwardsOriginalJul 29, 2015
D-DCEleanor Holmes NortonOriginalJul 29, 2015
D-MAJames P. McGovernOriginalJul 29, 2015
D-RIJames R. LangevinOriginalJul 29, 2015
D-CAJared HuffmanOriginalJul 29, 2015
D-COJared PolisOriginalJul 29, 2015
D-WAJim McDermottOriginalJul 29, 2015
D-MIJohn Conyers, Jr.OriginalJul 29, 2015
D-CALois CappsOriginalJul 29, 2015
D-WIMark PocanOriginalJul 29, 2015
D-CAMichael M. HondaOriginalJul 29, 2015
D-MANiki TsongasOriginalJul 29, 2015
D-VTPeter WelchOriginalJul 29, 2015
D-CTRosa L. DeLauroOriginalJul 29, 2015
D-CATed LieuOriginalJul 29, 2015
D-NYLouise McIntosh SlaughterSep 11, 2015

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseWays and Means Committee
Referred Jul 29, 2015

Actions 3

Everything that happened, newest first.

  1. Jul 29, 2015Introduced in House
  2. Jul 29, 2015Sponsor introductory remarks on measure. (CR E1181)
  3. Jul 29, 2015Referred to the House Committee on Ways and Means.

In the Congressional Record 1

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.

WhereIn the RecordMembersDate
ExtensionsDebate and remarks E1181Earl Blumenauer D-ORJul 29, 2015

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

Congress has the power to enact this legislation pursuant to the following: The Constitution of the United States provides clear authority for Congress to pass legislation regarding income taxes. Article I of the Constitution, in detailing Congressional authority, provides that ``Congress shall have Power to lay and collect Taxes . . .'' (Section 8, Clause 1). Further clarifying Congressional power to enact an income tax, voters amended the Constitution by popular vote to provide that ``Congress shall have power to lay and collect taxes on incomes, from whatever source derived . . .'' (Sixteenth Amendment).

The sponsor’s statement, as printed in the Congressional Record, vol. 161, no. 121, July 29, 2015, page H5771.

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 fossil fuel subsidies for oil companies.
Short Titles as Introduced
End Oil and Gas Tax Subsidies Act of 2015

Subjects

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

Text 1

Each version as it was printed, newest first.

  1. Jul 29, 2015Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.