Energy Fairness for America Act

To restore fairness in the provision of incentives for oil and gas production, and for other purposes.

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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Sponsor

• Rep. Maurice Hinchey [D, NY-22]

Committees

• House Ways and Means
• 2 more
  • House Natural Resources
  • House Natural Resources
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Amendments

This bill has no amendments.

Amendments to H.R.586

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
January 19, 2007

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All Bill Actions

• Feb 07, 2007: Referred to the Subcommittee on Energy and Mineral Resources.
• Jan 19, 2007: Referred to House Natural Resources
• Jan 19, 2007: Referred to House Ways and Means
• Jan 19, 2007: Referred to the Committee on Ways and Means, and in addition to the Committee on Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• Introduced on Jan 19, 2007.

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Related Bills:

• S.341

Related Issue Areas:

• Taxation
• Alaska
• Business
• Corporation taxes
• 27 more
• Depletion allowances
• Electric power transmission
• Energy
• Foreign tax credit
• Gas in submerged lands
• Gas pipelines
• Geology
• Geophysical prediction
• Gulf of Mexico
• Income tax
• Inventories
• Marine resources
• Natural gas
• Oil and gas royalties
• Oil well drilling
• Petroleum in submerged lands
• Petroleum industry
• Petroleum refineries
• Submarine oil well drilling
• Tax administration
• Tax credits
• Tax deductions
• Tax deferral
• Taxation of foreign income
• Transportation
• Energy transportation
• Pipelines

Data from the Congressional Research Service

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Blog Coverage

June 06, 2008 Office Cleaning

Office Cleeaning OFFICE CLEANING Troy, days. Mt. Clemens, St Clair Shores, eves. Drug screen, background check. $7-8/hr. 586-771-7303 ...

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September 22, 2007 [Contra Costa Times] - The Bonds File

03:03:08 AM PDT Home runs 762 Runs batted in 1996 Batting average .298 With Giants HR 586 RBI 1440 BA .312 Career record book Home runs 762 Walks 2558 Consecutive 3 ...

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September 22, 2007 [Contra Costa Times] - The Bonds File

03:03:08 AM PDT Home runs 762 Runs batted in 1996 Batting average .298 With Giants HR 586 RBI 1440 BA .312 Career record book Home runs 762 Walks 2558 Consecutive 3 ...

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Source: SportSpyder.com - San Francisco Giants...

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