U.S. Congress - S.888 Oil Industry Tax Break Repeal Act of 2009
S.888 - Oil Industry Tax Break Repeal Act of 2009
A bill to amend the Internal Revenue Code of 1986 to terminate certain incentives for oil and gas. view all titles (2)
All Bill Titles
- Official: A bill to amend the Internal Revenue Code of 1986 to terminate certain incentives for oil and gas. as introduced.
- Short: Oil Industry Tax Break Repeal Act of 2009 as introduced.
This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.
Bill's Views
- Today: 1
- Past Seven Days: 6
- All-Time: 1,111
|
|
|
|
|
|
|
|
Committees
Official Summary
4/23/2009--Introduced.Oil Industry Tax Break Repeal Act of 2009- Amends the Internal Revenue Code to: (1) limit the oil depletion allowance; (2) terminate accelerated depreciation of natural gas distribution lines and Alaska natural gas pipelines, expensing of equipment used in refining ofOfficial Summary
4/23/2009--Introduced.Oil Industry Tax Break Repeal Act of 2009- Amends the Internal Revenue Code to:(1) limit the oil depletion allowance;
(2) terminate accelerated depreciation of natural gas distribution lines and Alaska natural gas pipelines, expensing of equipment used in refining of liquid fuels, the tax deduction for intangible drilling and development costs and tertiary injectants, and the tax credits for enhanced oil recovery and for producing oil and gas from marginal wells;
(3) classify natural gas gathering lines as 15-year property for depreciation purposes; and
(4) deny large integrated oil companies the tax deduction for income attributable to the domestic production of oil, natural gas, or related products. Defines "large integrated oil companies" as companies with gross receipts in excess of $1 billion and average daily worldwide crude oil production of at least 500,000 barrels. Requires large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum products according to a specified formula. Denies such oil companies a foreign tax credit for payments to certain foreign countries from which they receive a specified economic benefit as a dual capacity taxpayer. Establishes in the Treasury the Energy Trust Fund and dedicates amounts in such Trust Fund to accelerating the use of clean domestic renewable energy and alternative fuels, promoting energy efficiency, and increasing research, development, and deployment of clean renewable energy and efficient technologies.
...Read the Rest
Recent News Coverage
Hmmmm, no news coverage found for this bill at this time. This means that this this bill has not yet been mentioned on a publicly-searchable news website by either its official number (for example, "H.R. 3200") or title (for example, "America's Affordable Health Choices Act of 2009"). As soon as that changes, our daily automated search across the Web will catch it and include it here. If this bill is of interest to you, you can write a letter to the editor referring to this bill by name, and if your letter is published on the Web, a link back your letter will appear here within about one day. 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 public knowledge about Congress.
Recent Blog Coverage
View All (21)
|
View Top Rated
Southwest Journal : stories
S. 888 MIA ARTS (642-2787). artsmia.org ——— Four-part harmony. Minnesota Artists Exhibition Program takes a notably populist turn in its latest show to open at the Minneapolis Institute of Arts. The four-artist bill includes some of the ...
BFH – II R 12/09 – Beschränkung der Grundsteuerbefreiung auf ...
... Religionsgemeinschaften für das öffentliche Leben (vgl. oben II.3.b bb) sachlich begründet und verstoßen nicht gegen den Gleichheitssatz (Korioth in Maunz/Dürig, a.a.O., Art. 140 GG, Art. 137 WRV Rz 66; Weides, a.a.O., S. 888). ...
Vote on This Bill
-
Share This Bill
More Share via Email
