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
- Short: Close Big Oil Tax Loopholes Act as introduced.
- Official: A bill to reduce the Federal budget deficit by closing big oil tax loopholes, and for other purposes. as introduced.
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Bill's Views
- Today: 21
- Past Seven Days: 127
- All-Time: 9,593
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Committees
No Committees found for this Bill
Latest Vote
Roll call number 72 in the Senate
Question: On the Motion to Proceed (Motion to Proceed to the Consideration of S. 940)
Democrats Voting 'Aye'
Sen. Daniel Akaka [D, HI]Sen. Max Baucus [D, MT]
Sen. Michael Bennet [D, CO]
Sen. Jeff Bingaman [D, NM]
Sen. Richard Blumenthal [D, CT]
Sen. Barbara Boxer [D, CA]
Sen. Sherrod Brown [D, OH]
Sen. Maria Cantwell [D, WA]
Sen. Benjamin Cardin [D, MD]
Sen. Thomas Carper [D, DE]
Sen. Robert Casey [D, PA]
Sen. Kent Conrad [D, ND]
Sen. Chris Coons [D, DE]
Sen. Richard Durbin [D, IL]
Sen. Dianne Feinstein [D, CA]
Sen. Al Franken [D, MN]
Sen. Kirsten Gillibrand [D, NY]
Sen. Kay Hagan [D, NC]
Sen. Thomas Harkin [D, IA]
Sen. Daniel Inouye [D, HI]
Sen. Tim Johnson [D, SD]
Sen. John Kerry [D, MA]
Sen. Amy Klobuchar [D, MN]
Sen. Herbert Kohl [D, WI]
Sen. Frank Lautenberg [D, NJ]
Sen. Patrick Leahy [D, VT]
Sen. Carl Levin [D, MI]
Sen. Joe Manchin [D, WV]
Sen. Claire McCaskill [D, MO]
Sen. Robert Menéndez [D, NJ]
Sen. Jeff Merkley [D, OR]
Sen. Barbara Mikulski [D, MD]
Sen. Patty Murray [D, WA]
Sen. Bill Nelson [D, FL]
Sen. Mark Pryor [D, AR]
Sen. John Reed [D, RI]
Sen. Harry Reid [D, NV]
Sen. John Rockefeller [D, WV]
Sen. Charles Schumer [D, NY]
Sen. Jeanne Shaheen [D, NH]
Sen. Debbie Ann Stabenow [D, MI]
Sen. Jon Tester [D, MT]
Sen. Tom Udall [D, NM]
Sen. Mark Udall [D, CO]
Sen. Mark Warner [D, VA]
Sen. Jim Webb [D, VA]
Sen. Sheldon Whitehouse [D, RI]
Sen. Ron Wyden [D, OR]
Democrats Voting 'Abstain'
Republicans Voting 'Abstain'
Others Voting 'Abstain'
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.
...Read the Rest
Organizations Supporting S.940
- Conservation Law Foundation
Organizations Opposing S.940
- Americans for Prosperity
- Americans for Tax Reform
- U. S. Chamber of Commerce
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Follow Us On Twitter - DSCC: Democratic Senatorial Campaign ...
On May 17, 2011, Brown voted against a motion to proceed on S. 940 (Close Big Oil Tax Loopholes Act). According to the Cleveland Plain Dealer, the Close Big Oil Tax Loopholes Act “sought to repeal about $21 billion worth ...
Oil Calculation and also Bunker Surveyor Transportable Tools |
The recent is a S. 940 payment proposed from Senator Charles Schumer who seeks to acquire reduced taxes breaks to get the best oil agencies, a push that can lead to $21 thousand in special taxes raised next 10 decades.
Oil Calculation and also Bunker Surveyor Transportable Tools |
The recent is a S. 940 payment proposed from Senator Charles Schumer who seeks to acquire reduced taxes breaks to get the best oil agencies, a push that can lead to $21 thousand in special taxes raised next 10 decades.
Latest Letters to Congress
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S.940 Close Big Oil Tax Loopholes Act
ayrerperformance
May 26, 2012
I am writing as your constituent in the 3rd Congressional district of New Jersey. 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,
James Ayrer -
S.940 Close Big Oil Tax Loopholes Act
ojosdelangel77
May 17, 2012
I am writing as your constituent in the 4th Congressional district of Arkansas. I am writing as your constituent in the 4th Congressional district of Arkansas. 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.
89% of users on OpenCongress.org, a free, non-partisan resource, support S.940.
S.940 has been viewed 9,346 times on OpenCongress.org, a free, non-partisan re... -
S.940 Close Big Oil Tax Loopholes Act
sherdev
May 03, 2012
I am writing as your constituent in the 24th 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,
Sherry Evangelista
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U.S. Congress - S.940 Close Big Oil Tax Loopholes Act



