US Congress House Bill 3311 (Prior Session Legislation)

---

Sponsorship: Partisan Bill (Democrat 22)
Status: Introduced on July 29 2015 - 25% progression, died in committee
Action: 2015-07-29 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

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).

End Oil and Gas Tax Subsidies Act of 2015

Rep. Earl Blumenauer [D-OR]	Rep. John Conyers [D-MI]	Rep. Jared Polis [D-CO]	Rep. Rosa DeLauro [D-CT]
Rep. James Langevin [D-RI]	Rep. Lois Capps [D-CA]	Rep. Charles Rangel [D-NY]	Rep. Jared Huffman [D-CA]
Rep. Mark Pocan [D-WI]	Rep. Eleanor Norton [D-DC]	Sen. Peter Welch [D-VT]	Rep. Niki Tsongas [D-MA]
Rep. Michael Honda [D-CA]	Rep. Jim McDermott [D-WA]	Rep. Donna Edwards [D-MD]	Rep. Betty McCollum [D-MN]
Rep. David Cicilline [D-RI]	Rep. James McGovern [D-MA]	Sen. Chris Van Hollen [D-MD]	Rep. Ted Lieu [D-CA]
Rep. Bill Pascrell [D-NJ]	Rep. Louise Slaughter [D-NY]

Date	Chamber	Action
2015-07-29	House	Referred to the House Committee on Ways and Means.
2015-07-29	House	Sponsor introductory remarks on measure. (CR E1181)
2015-07-29	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/3311/all-info
Text	https://www.congress.gov/114/bills/hr3311/BILLS-114hr3311ih.pdf