Close Big Oil Tax Loopholes Act
Latest action · Aug 2, 2017 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.
- IntroducedAug 2, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Close Big Oil Tax Loopholes Act
This bill amends the Internal Revenue Code to limit or repeal certain tax benefits for major integrated oil companies (certain companies with annual gross receipts over $1 billion and an average daily worldwide production of crude oil of at least 500,000 barrels), 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.
The bill modifies the definition of "major integrated oil company" to include certain successors in interest that control more than 50% of the crude oil production or natural gas production of the company.
The bill also 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).
Any net savings that occur as a result of this bill must be used for reducing the federal budget deficit or the federal debt.
Cosponsors 22
Members who signed on, in the order they did. Signatures ran from Aug 2, 2017 to Feb 27, 2018; 21 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Al Franken | Original | Aug 2, 2017 |
| D-MN | Amy Klobuchar | Original | Aug 2, 2017 |
| D-MD | Benjamin L. Cardin | Original | Aug 2, 2017 |
| D-FL | Bill Nelson | Original | Aug 2, 2017 |
| D-NY | Charles E. Schumer | Original | Aug 2, 2017 |
| D-NJ | Cory A. Booker | Original | Aug 2, 2017 |
| D-MI | Debbie Stabenow | Original | Aug 2, 2017 |
| D-CA | Dianne Feinstein | Original | Aug 2, 2017 |
| D-MA | Edward J. Markey | Original | Aug 2, 2017 |
| D-MI | Gary C. Peters | Original | Aug 2, 2017 |
| D-RI | Jack Reed | Original | Aug 2, 2017 |
| D-NH | Jeanne Shaheen | Original | Aug 2, 2017 |
| D-OR | Jeff Merkley | Original | Aug 2, 2017 |
| D-CA | Kamala D. Harris | Original | Aug 2, 2017 |
| D-NH | Margaret Wood Hassan | Original | Aug 2, 2017 |
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 Aug 2, 2017 |
Actions 2
Everything that happened, newest first.
- Aug 2, 2017Introduced in Senate
- Aug 2, 2017Read twice and referred to the Committee on Finance.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1907 | Close Big Oil Tax Loopholes Act | Reintroduction of | Jul 30, 2015 |
| HR 7375 | SHELTER Act of 2018 | Related bill | Dec 20, 2018 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to reduce the Federal budget deficit by closing big oil tax loopholes, and for other purposes.
- 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.
- Aug 2, 2017Introduced 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.
