U.S. Congress - S.2204 Repeal Big Oil Tax Subsidies Act
S.2204 - Repeal Big Oil Tax Subsidies Act
A bill to eliminate unnecessary tax subsidies and promote renewable energy and energy conservation. view all titles (2)
All Bill Titles
- Official: A bill to eliminate unnecessary tax subsidies and promote renewable energy and energy conservation. as introduced.
- Short: Repeal Big Oil Tax Subsidies Act 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: 6
- Past Seven Days: 30
- All-Time: 4,604
|
|
|
|
|
|
|
|
Committees
No Committees found for this Bill
Latest Vote
Roll call number 63 in the Senate
Question: On the Cloture Motion S. 2204
Official Summary
3/19/2012--Introduced.Repeal Big Oil Tax Subsidies Act - Amends the Internal Revenue Code to extend through 2012: (1) the tax credit for residential energy efficiency improvement expenditures, (2) the tax credit for the purchase of plug-in electric vehicles, (3) the tax credit for alternatOfficial Summary
3/19/2012--Introduced.Repeal Big Oil Tax Subsidies Act - Amends the Internal Revenue Code to extend through 2012:(1) the tax credit for residential energy efficiency improvement expenditures,
(2) the tax credit for the purchase of plug-in electric vehicles,
(3) the tax credit for alternative fuel vehicle refueling property expenditures,
(4) the income and excise tax credits for biodiesel and renewable diesel used as fuel and fuel mixtures,
(5) the tax credit for production of electricity from refined coal production facilities,
(6) the tax credit for the construction of new energy-efficient homes,
(7) the tax credit for energy-efficient appliances,
(8) the suspension of the income limitation on percentage depletion for oil and gas from marginal wells,
(9) the excise tax credit for alternative fuels and fuel mixtures, and
(10) the tax credit for mine rescue team training expenditures and the election to expense mine safety equipment. Extends through 2013:
(1) the cellulosic biofuel producer tax credit, and
(2) the special depreciation allowance for cellulosic biofuel plant property. Extends the tax credit for the production of electricity from wind resources through 2013 and from other renewable resources through 2014. Allows an increase in such credit for production from Indian coal facilities. Extends the tax credit for investment in wind facilities through 2013 and for investment in offshore facilities using wind to produce electricity through 2014. Increases the allocation of credits under the qualifying advanced energy project (i.e., the project for the production of renewable and alternative energy resources). Amends the American Recovery and Reinvestment Act of 2009 to extend through 2012 the grant program for investment in renewable energy resources in lieu of tax credits. Modifies the definition of "cellulosic biofuel," for purposes of the cellulosic biofuel producer tax credit and the bonus depreciation allowance, to mean any liquid fuel which is derived solely by, or from, qualified feedstocks. Defines "qualified feedstocks" as any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis and any cultivated algae, cyanobacteria, or lemna. Limits or repeals certain tax benefits for major integrated oil companies (defined as companies with annual gross receipts over $1 billion and an average daily worldwide production of crude oil of at least 500,000 barrels), including:
(1) the foreign tax credit;
(2) the tax deduction for income attributable to oil, natural gas, or primary products thereof;
(3) the tax deduction for intangible drilling and development costs;
(4) the percentage depletion allowance for oil and gas wells;
(5) the tax deduction for qualified tertiary injectant expenses. Amends the Energy Policy Act of 2005 to repeal royalty relief (suspension of royalties) for:
(1) natural gas production from deep wells in shallow waters of the Gulf of Mexico; and
(2) deep water oil and gas production in the Western and Central Planning Area of the Gulf (including the portion of the Eastern Planning Area encompassing whole lease blocks lying west of 87 degrees, 30 minutes west longitude). Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the federal debt. Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.
...Read the Rest
Organizations Supporting S.2204
- League of Conservation Voters
- Public Citizen
- Wilderness Society
- Defenders of Wildlife
- Natural Resources Defense Council
Organizations Opposing S.2204
- Americans For Prosperity
- Americans for Tax Reform
- Heritage Action for America
- American Petroleum Institute
- ExxonMobil
- National Association of Manufacturers
- ...and 1 more. See all.
Latest Letters to Congress
-
S.2204 Repeal Big Oil Tax Subsidies Act
oakcreekdp
September 07, 2012
I am writing as your constituent in the 22nd Congressional district of California. I oppose S.2204 - Repeal Big Oil Tax Subsidies Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
The reason I oppose S.2204 is because of the subsidies that it puts in place not because of the subsidies that it is removing. If green energy cannot support its own weight it should die trying.
I do not feel that any business shou... -
S.2204 Repeal Big Oil Tax Subsidies Act
Grizzly
September 07, 2012
I am writing as your constituent in the 24th Congressional district of California. I oppose S.2204 - Repeal Big Oil Tax Subsidies Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
If this act Repealed Big Oil Tax Subsidies only I would be for it but
You Fools in D.C. have put us in debt 5 trillion dollars in just the last 3 1/2 years with no end in sight! This SHIT bill is nothing more than another tax on us! O... -
S.2204 Repeal Big Oil Tax Subsidies Act
imaginarylightning
May 08, 2012
I am writing as your constituent in the 16th Congressional district of Florida. I support S.2204 - Repeal Big Oil Tax Subsidies Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Megan Oliver-Parker
Vote on This Bill
-
Share This Bill
More Share via Email
