U.S. Congress - S.940 Close Big Oil Tax Loopholes Act
S.940 - Close Big Oil Tax Loopholes Act
A bill to reduce the Federal budget deficit by closing big oil tax loopholes, and for other purposes. view all titles (2)
All Bill Titles
- Official: A bill to reduce the Federal budget deficit by closing big oil tax loopholes, and for other purposes. as introduced.
- Short: Close Big Oil Tax Loopholes Act as introduced.
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- Past Seven Days: 42
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Latest Vote
Roll call number 72 in the Senate
Question: On the Motion to Proceed S. 940
OpenCongress Summary
Repeals five tax subsidies for U.S. oil companies and closes a loophole that oil companies use to disguise foreign royalty payments as taxes and reduce their domestic tax bill. All savings under the bill would be applied to reducing federal budget deficits.Official Summary
5/10/2011--Introduced.Close Big Oil Tax Loopholes Act - Expresses the sense of the Senate that: (1) the President and Administration should be commended for recognizing the severity of high gas prices and for taking appropriate actions to help reduce gas prices; (2) Congress should take adOfficial Summary
5/10/2011--Introduced.Close Big Oil Tax Loopholes Act - Expresses the sense of the Senate that:(1) the President and Administration should be commended for recognizing the severity of high gas prices and for taking appropriate actions to help reduce gas prices;
(2) Congress should take additional actions to complement the efforts of the President;
(3) the Organization of Petroleum Exporting Countries (OPEC) should contribute to the stabilization of world oil markets and prices and reduce the burden of high gasoline prices by using existing idle oil production capacity to compensate for any supply shortages; and
(4) U.S. economic, environmental, and national security depend on a sustained effort to reduce and eventually eliminate the dependence of the United States on oil. Amends the Internal Revenue Code to deny to oil companies with gross receipts in excess of $1 billion in a taxable year and an average daily worldwide production of crude oil of at least 500,000 barrels a year:
(1) a foreign tax credit if such company is a dual capacity taxpayer, as defined by this Act;
(2) the tax deduction for income attributable to domestic production of 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; and
(5) the tax deduction for qualified tertiary injectant expenses. Amends the Energy Policy Act of 2005 to repeal the authority of the Secretary of the Interior to grant royalty relief (suspension of royalties) for natural gas production from deep wells and deep water oil and gas production in the Outer Continental Shelf. Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the public debt. Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.
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Organizations Supporting S.940
- Conservation Law Foundation
Organizations Opposing S.940
- Americans for Tax Reform
- Americans For Prosperity
- U. S. Chamber of Commerce
Latest Letters to Congress
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S.940 Close Big Oil Tax Loopholes Act
jamgress2012
January 02, 2013
I'm tracking S.940 - Close Big Oil Tax Loopholes Act using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Jamal Ahmed -
S.940 Close Big Oil Tax Loopholes Act
kpd1322
December 05, 2012
I am writing as your constituent in the 3rd Congressional district of Pennsylvania. I am writing as your constituent in the 3rd Congressional district of Pennsylvania. I support S.940 - Close Big Oil Tax Loopholes Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability. I am also in favor of complete support for raising taxes on the top 2% of Americans. Holding the middle class hostage has got to end before you all end ...
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S.940 Close Big Oil Tax Loopholes Act
DWeb
October 29, 2012
I am writing as your constituent in the 21st Congressional district of California. I support S.940 - Close Big Oil Tax Loopholes Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
David Weber
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