U.S. Congress - H.R.601 End Big Oil Tax Subsidies Act of 2011
H.R.601 - End Big Oil Tax Subsidies Act of 2011
To amend the Internal Revenue Code of 1986 to repeal fossil fuel subsidies for large oil companies. view all titles (2)
All Bill Titles
- Official: To amend the Internal Revenue Code of 1986 to repeal fossil fuel subsidies for large oil companies. as introduced.
- Short: End Big Oil Tax Subsidies Act of 2011 as introduced.
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- Past Seven Days: 24
- All-Time: 5,309
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Committees
Official Summary
2/10/2011--Introduced.End Big Oil Tax Subsidies Act of 2011- Amends the Internal Revenue Code to require seven-year amortization of the geological and geophysical expenditures of covered large oil companies. Defines "covered large oil company" as a taxpayer which is a major integOfficial Summary
2/10/2011--Introduced.End Big Oil Tax Subsidies Act of 2011- Amends the Internal Revenue Code to require seven-year amortization of the geological and geophysical expenditures of covered large oil companies. Defines "covered large oil company" as a taxpayer which is a major integrated oil company or which has gross receipts in excess of $50 million in a taxable year. Denies certain tax benefits to any taxpayer that is not a small, independent oil and gas company, including:(1) the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery,
(2) expensing of intangible drilling and development costs in the case of gas wells and geothermal wells,
(3) percentage depletion,
(4) the tax deduction for qualified tertiary injectant expenses,
(5) the exemption from limitations on passive activity losses, and
(6) the tax deduction for income attributable to domestic production activities. Prohibits the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies. Limits or denies the foreign tax credit and tax deferrals for amounts paid or accrued by a dual capacity taxpayer to a foreign country or U.S. possession for any period with respect to combined foreign oil and gas income. Defines "dual capacity taxpayer" as a person who is subject to a levy of a foreign country or U.S. possession and receives (or will receive) directly or indirectly a specific economic benefit from such county or possession..
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Organizations Supporting H.R.601
- National Wildlife Federation
Organizations Opposing H.R.601
- None via MapLight at this time.
Latest Letters to Congress
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H.R.601 End Big Oil Tax Subsidies Act of 2011
bian38
March 25, 2012
I am writing as your constituent in the 4th Congressional district of North Carolina. I support H.R.601 - End Big Oil Tax Subsidies Act of 2011, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Brian Formosa -
H.R.601 End Big Oil Tax Subsidies Act of 2011
tolbertme
February 20, 2012
I am writing as your constituent in the 1st Congressional district of Texas. I support H.R.601 - End Big Oil Tax Subsidies Act of 2011, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Please support an end to the financial incentives for the oil and gas industry. They are more than sufficiently profitable without taxpayer subsidies. Close the tax loopholes that leave the tax burden to working families. -
H.R.601 End Big Oil Tax Subsidies Act of 2011
gbtwinmom
January 20, 2012
I am writing as your constituent in the 6th Congressional district of North Carolina. I support H.R.601 - End Big Oil Tax Subsidies Act of 2011, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
MaryAnn Scandurra
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