S.666 - Oil Industry Tax Break Repeal Act of 2007

A bill to amend the Internal Revenue Code of 1986 to terminate certain incentives for oil and gas. view all titles (2)

All Bill Titles

  • Short: Oil Industry Tax Break Repeal Act of 2007 as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to terminate certain incentives for oil and gas. as introduced.

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Introduced
 
Senate
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House
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President
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02/16/07
 
 
 
 
 
 
 

Official Summary

Oil Industry Tax Break Repeal Act of 2007 - Amends the Internal Revenue Code to: (1) increase the amortization period for the geological and geophysical expenditures of certain large integrated oil companies (defined as having an average daily worldwide crude oil production level of at leas

Official Summary

Oil Industry Tax Break Repeal Act of 2007 - Amends the Internal Revenue Code to:
(1) increase the amortization period for the geological and geophysical expenditures of certain large integrated oil companies (defined as having an average daily worldwide crude oil production level of at least 500,000 barrels and more than $1 billion in gross receipts) from five to seven years;
(2) limit the oil depletion allowance;
(3) terminate accelerated depreciation of natural gas distribution lines and Alaska natural gas pipelines, expensing of equipment used in refining of liquid fuels, the tax deduction for intangible drilling and development costs, and the tax credits for enhanced oil recovery and for producing oil and gas from marginal wells;
(4) classify natural gas gathering lines as 15-year property for depreciation purposes; and
(5) deny large integrated oil companies the tax deduction for income attributable to the domestic production of oil, natural gas, or related products.Requires large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum products according to a specified formula. Denies such oil companies a foreign tax credit for payments to certain foreign countries from which they receive a specified economic benefit as a dual capacity taxpayer. Establishes in the Treasury the Energy Trust Fund and directs the transfer to such Fund of revenues resulting from the repeal of oil industry tax benefits by this Act.

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