End Oil and Gas Tax Subsidies Act of 2020
Latest action · Sep 29, 2020 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.
- IntroducedSep 29, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
End Oil and Gas Tax Subsidies Act of 2020
This bill limits or repeals certain fossil fuel oil and gas subsidies for oil companies. Specifically, it
- increases to seven years the amortization period for geological and geophysical expenditures;
- repeals the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery;
- repeals the tax deduction for the intangible drilling and development costs of oil and gas wells;
- repeals percentage depletion;
- repeals the tax deduction for tertiary injectant expenses;
- repeals the passive loss exception for working interests in oil and gas property;
- denies the tax deduction for income attributable to domestic production activities for oil and gas activities;
- prohibits the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies;
- limits 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); and
- expands the definition of crude oil for purposes of the excise tax on petroleum and petroleum products to include any oil derived from a bitumen or bituminous mixture (tar sands), and any oil derived from kerogen-bearing sources (oil shale).
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Sep 29, 2020 to Oct 6, 2020, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-IL | Sean Casten | Original | Sep 29, 2020 |
| D-CA | Mike Levin | Oct 6, 2020 |
Actions 2
Everything that happened, newest first.
- Sep 29, 2020Introduced in House
- Sep 29, 2020Referred to the House Committee on Ways and Means.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3315 | Tar Sands Tax Loophole Elimination Act | Related bill | Feb 13, 2020 |
| HR 5914 | Tar Sands Tax Loophole Elimination Act | Related bill | Feb 14, 2020 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Sep 29, 2020Introduced in House
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.