U.S. Congress - H.R.586 Energy Fairness for America Act
H.R.586 - Energy Fairness for America Act
To restore fairness in the provision of incentives for oil and gas production, and for other purposes. view all titles (2)
All Bill Titles
- Official: To restore fairness in the provision of incentives for oil and gas production, and for other purposes. as introduced.
- Short: Energy Fairness for America Act as introduced.
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Official Summary
1/19/2007--Introduced.Energy Fairness for America Act - Amends the Internal Revenue Code to terminate: (1) the tax deduction for oil and gas intangible drilling and development costs; (2) the percentage depletion allowance for oil and gas wells; and (3) the tax credit for enhanced oil recoOfficial Summary
1/19/2007--Introduced.Energy Fairness for America Act - Amends the Internal Revenue Code to terminate:
(1) the tax deduction for oil and gas intangible drilling and development costs;
(2) the percentage depletion allowance for oil and gas wells; and
(3) the tax credit for enhanced oil recovery costs. Repeals provisions of the Energy Policy Act of 2005 relating to:
(1) oil and gas royalties in-kind;
(2) marginal property production incentives;
(3) incentives for natural gas production in the Gulf of Mexico;
(4) royalty suspension for deep water production;
(5) the inventory of Outer Continental Shelf oil and natural gas resources;
(6) Alaska offshore royalty suspension;
(7) accelerated depreciation of electric transmission property, natural gas distribution lines, and natural gas gathering lines and expensing of liquid fuel refinery property;
(8) the exemption of small oil refiners from limitations on the oil depletion allowance; and
(9) two-year amortization of geological and geophysical expenditures. Requires certain large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum productions using a specified formula. Limits or denies the foreign tax credit and tax deferrals for dual capacity taxpayers (taxpayers receiving economic and tax benefits from certain foreign jurisdictions), foreign oil and gas income, and foreign oil and gas extraction income.
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H.R.586: To designate the United States courthouse under ...
Or, if you know of a news article about this bill to display here, email us the web address of this page and the web address of your suggested news article: Our editorial team will post relevant links as quickly as possible. Thanks for helping to build pub
H.R.586: Civil Rights History Project Act of 2009 - U.S. Congress ...
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republicans face an uphill battle
hinchey reintroduced the bill (hr 586) in the 110th congress. on april 19, 2007, rep. jay inslee (d-wa) introduced a bill (hr 1957) to prohibit the conduct of oil and gas preleasing, leasing, and related activities in ocs areas located ...
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