US HB4231 | 2011-2012 | 112th Congress
Status
Sponsorship: Partisan Bill (Democrat 18)
Status: Introduced on March 21 2012 - 25% progression, died in committee
Action: 2012-03-21 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 21 2012 - 25% progression, died in committee
Action: 2012-03-21 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Gas Rebate Act of 2012 - Amends the Internal Revenue Code to repeal certain tax incentives for oil and gas companies, including: (1) the tax credit for enhanced oil recovery, (2) the tax credit for producing oil and gas from marginal wells, (3) the expensing allowance for intangible drilling and development costs, (4) the tax deduction for tertiary injectant expenses, (5) the exception to passive loss limitations for working interests in oil and gas properties, and (6) percentage depletion for oil and gas wells. Denies a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof. Extends to seven years the required amortization period for geological and geophysical expenditures. Allows registered motor vehicle owners a rebate against income tax based on their share of revenues saved from the repeal of the tax incentives for oil and gas companies by this Act.
Title
Gas Rebate Act of 2012
Sponsors
| Rep. John Yarmuth [D-KY] | Rep. Andre Carson [D-IN] | Rep. Judy Chu [D-CA] | Rep. Gerald Connolly [D-VA] |
| Rep. John Conyers [D-MI] | Rep. Bob Filner [D-CA] | Rep. Janice Hahn [D-CA] | Rep. Jesse Jackson [D-IL] |
| Rep. Mike McIntyre [D-NC] | Rep. Jerry McNerney [D-CA] | Rep. Charles Rangel [D-NY] | Rep. Tim Ryan [D-OH] |
| Rep. Janice Schakowsky [D-IL] | Sen. Adam Schiff [D-CA] | Rep. Louise Slaughter [D-NY] | Rep. Fortney Stark [D-CA] |
| Sen. Chris Van Hollen [D-MD] | Sen. Peter Welch [D-VT] |
History
| Date | Chamber | Action |
|---|---|---|
| 2012-03-21 | House | Referred to the House Committee on Ways and Means. |
Same As/Similar To
HB1959 (Related) 2011-09-08 - Referred to the Subcommittee on Higher Education and Workforce Training.
Subjects
Business investment and capital
Income tax credits
Income tax deductions
Motor vehicles
Oil and gas
Taxation
Income tax credits
Income tax deductions
Motor vehicles
Oil and gas
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/112th-congress/house-bill/4231/all-info |
| Text | https://www.congress.gov/112/bills/hr4231/BILLS-112hr4231ih.pdf |
