US Congress House Bill 601 (Prior Session Legislation)

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February 10 2011 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

End Big Oil Tax Subsidies Act of 2011- 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..

End Big Oil Tax Subsidies Act of 2011

Rep Blumenauer, Earl	Rep Bishop, Timothy H.	Rep Capps, Lois	Rep Chu, Judy
Rep Cicilline, David N.	Rep Cohen, Steve	Rep Connolly, Gerald E. "Gerry"	Rep Conyers, John, Jr.
Rep Courtney, Joe	Rep DeFazio, Peter A.	Rep DeLauro, Rosa L.	Rep Ellison, Keith
Rep Eshoo, Anna G.	Rep Filner, Bob	Rep Frank, Barney	Rep Garamendi, John
Rep Grijalva, Raul M.	Rep Himes, James A.	Rep Hinchey, Maurice D.	Rep Hirono, Mazie K.
Rep Holt, Rush D.	Rep Honda, Michael M.	Rep Kaptur, Marcy	Rep Kucinich, Dennis J.
Rep Langevin, James R.	Rep Lee, Barbara	Rep Lofgren, Zoe	Rep Lowey, Nita M.
Rep Markey, Edward J.	Rep McCollum, Betty	Rep McDermott, Jim	Rep McGovern, James P.
Rep Miller, George	Rep Moran, James P.	Rep Nadler, Jerrold	Rep Norton, Eleanor Holmes
Rep Olver, John W.	Rep Peters, Gary C.	Rep Pingree, Chellie	Rep Polis, Jared
Rep Price, David E.	Rep Quigley, Mike	Rep Rothman, Steven R.	Rep Schakowsky, Janice D.
Rep Slaughter, Louise McIntosh	Rep Speier, Jackie	Rep Stark, Fortney Pete	Rep Sutton, Betty
Rep Tierney, John F.	Rep Tsongas, Niki	Rep Van Hollen, Chris	Rep Welch, Peter
Rep Woolsey, Lynn C.

Date	Chamber	Action
2011-02-10	House	Referred to the House Committee on Ways and Means.
2011-02-10	House	Sponsor introductory remarks on measure. (CR E192)

HB851 (Related) 2011-03-01 - Referred to the House Committee on Ways and Means.
HB1813 (Related) 2011-05-10 - Referred to the House Committee on Ways and Means.
HB1889 (Related) 2011-05-12 - Referred to the House Committee on Ways and Means.
HB3638 (Related) 2012-02-09 - Referred to the Subcommittee on Insurance, Housing and Community Opportunity.

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d112:HN00601:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-112hr601ih/pdf/BILLS-112hr601ih.pdf