S.341 - Energy Fairness for America Act

A bill to restore fairness in the provision of incentives for oil and gas production, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to restore fairness in the provision of incentives for oil and gas production, and for other purposes. as introduced.
  • Short: Energy Fairness for America Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
01/22/07
 
 
 
 
 
 
 

Official Summary

Energy Fairness for America Act - Amends the Internal Revenue Code to terminate: (1) the tax deduction for oil and gas intangible drilling and development costs; (2) the percentage depletion allowance for oil and gas wells; and (3) the tax credit for enhanced oil recovery costs. Repeals pro

Official Summary

Energy Fairness for America Act - Amends the Internal Revenue Code to terminate:
(1) the tax deduction for oil and gas intangible drilling and development costs;
(2) the percentage depletion allowance for oil and gas wells; and
(3) the tax credit for enhanced oil recovery costs. Repeals provisions of the Energy Policy Act of 2005 relating to:
(1) oil and gas royalties in-kind;
(2) marginal property production incentives;
(3) incentives for natural gas production in the Gulf of Mexico;
(4) royalty suspension for deep water production;
(5) the inventory of Outer Continental Shelf oil and natural gas resources;
(6) Alaska offshore royalty suspension;
(7) accelerated depreciation of electric transmission property, natural gas distribution lines, and natural gas gathering lines and expensing of liquid fuel refinery property;
(8) the exemption of small oil refiners from limitations on the oil depletion allowance; and
(9) two-year amortization of geological and geophysical expenditures. Requires certain large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum productions using a specified formula. Limits or denies the foreign tax credit and tax deferrals for dual capacity taxpayers (taxpayers receiving economic and tax benefits from certain foreign jurisdictions), foreign oil and gas income, and foreign oil and gas extraction income.

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