U.S. Congress - S.115 Oil Subsidy Elimination for New Strategies on Energy Act
S.115 - Oil Subsidy Elimination for New Strategies on Energy Act
A bill to suspend royalty relief, to repeal certain provisions of the Energy Policy Act of 2005, and to amend the Internal Revenue Code of 1986 to repeal certain tax incentives for the oil and gas industry. view all titles (3)
All Bill Titles
- Short: Oil Subsidy Elimination for New Strategies on Energy Act as introduced.
- Short: Oil SENSE Act as introduced.
- Official: A bill to suspend royalty relief, to repeal certain provisions of the Energy Policy Act of 2005, and to amend the Internal Revenue Code of 1986 to repeal certain tax incentives for the oil and gas industry. as introduced.
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Official Summary
1/4/2007--Introduced.Oil Subsidy Elimination for New Strategies on Energy Act or the Oil SENSE Act - Repeals provisions of the Energy Policy Act of 2005 relating to: (1) incentives for production from marginal oil wells; (2) incentives for natural gas production in the Gulf of Mexico; (3)Official Summary
1/4/2007--Introduced.Oil Subsidy Elimination for New Strategies on Energy Act or the Oil SENSE Act - Repeals provisions of the Energy Policy Act of 2005 relating to:
(1) incentives for production from marginal oil wells;
(2) incentives for natural gas production in the Gulf of Mexico;
(3) royalty relief for deep water production;
(4) Alaska offshore royalty suspension;
(5) the inventory of Outer Continental Shelf oil and natural gas resources;
(6) management of federal oil and gas leasing programs; and
(7) ultra-deepwater and unconventional natural gas and other petroleum resources. Requires the Secretary of the Interior to:
(1) suspend royalty relief for producers of oil or natural gas on federal lands during periods in which oil and natural gas production is at certain levels; and
(2) renegotiate certain existing leases for oil and natural gas production on federal land. Repeals provisions of the Internal Revenue Code relating to:
(1) the election to expense certain costs associated with liquid fuel refineries;
(2) accelerated depreciation of natural gas distribution lines and natural gas gathering lines; and
(3) accelerated amortization of geological and geophysical expenditures. Reduces the daily barrel production requirement (from 75,000 to 50,000) applicable to small refiners eligible for the exemption from limitations on the oil and gas depletion allowance.
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A bill in the US Congress: A bill to amend title II of the Social Security Act to provide that wages earned, and self-employment income derived, by individuals while such individuals were not citizens or nationals of the United States ...
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[S. 115, 110th Congress; S. 23, 110th Congress; S. 133, Introduced 1/4/07; S. 2202, Read twice and referred to the Committee on Environment and Public Works. 10/18/2007 S. 2984, 109th Congress; S. 1324, Introduced 5/7/07; Press Release, ... Source: Ecommer
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