US Congress Senate Bill 552 (Prior Session Legislation)

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Sponsorship: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on March 10 2011 - 25% progression, died in committee
Action: 2011-03-10 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Emergency Deficit Reduction Act - Amends the Internal Revenue Code to: (1) impose an additional 5.4% tax on individual taxpayers whose modified adjusted gross income exceeds $1 million ($2 million in the case of a joint return); (2) repeal the amortization of intangible and drilling and development costs for oil, gas, and geothermal wells; (3) repeal the percentage depletion allowance for oil and gas wells; and (4) deny a tax deduction for income attributable to the domestic production of oil, natural gas, or primary products thereof.

Emergency Deficit Reduction Act

Sen. Bernard Sanders [I-VT]

Sen. Barbara Boxer [D-CA]

Sen. Barbara Mikulski [D-MD]

Date	Chamber	Action
2011-03-10	Senate	Read twice and referred to the Committee on Finance.
2011-03-10	Senate	Sponsor introductory remarks on measure. (CR S1555-1557)

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/552/all-info
Text	https://www.congress.gov/112/bills/s552/BILLS-112s552is.pdf