Bill Text: NJ SCR77 | 2016-2017 | Regular Session | Introduced
Bill Title: Memorializes President and Congress to enact legislation that would eliminate preferential tax treatment for oil and natural gas companies.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-02-16 - Introduced in the Senate, Referred to Senate Environment and Energy Committee [SCR77 Detail]
Download: New_Jersey-2016-SCR77-Introduced.html
SENATE CONCURRENT RESOLUTION No. 77
STATE OF NEW JERSEY
217th LEGISLATURE
INTRODUCED FEBRUARY 16, 2016
Sponsored by:
Senator SHIRLEY K. TURNER
District 15 (Hunterdon and Mercer)
SYNOPSIS
Memorializes President and Congress to enact legislation that would eliminate preferential tax treatment for oil and natural gas companies.
CURRENT VERSION OF TEXT
As introduced.
A Concurrent Resolution memorializing the President and the United States Congress to enact legislation that would eliminate preferential tax treatment for oil and natural gas companies.
Whereas, According to the federal Energy Information Administration, the average price of unleaded regular gasoline in the nation was $2.04 per gallon in December 2015, an increase of $0.40 or 24 percent from December 2008; and
Whereas, In late December 2014, ExxonMobil Corporation, BP p.l.c., Chevron Corporation, Royal Dutch Shell, Total S.A., and ConocoPhillips, the world's six largest publicly traded oil companies, reported combined annual profits of $81.5 billion; and
Whereas, According to the federal Office of Management and Budget, the oil and natural gas industry is projected to receive an estimated $43.6 billion in preferential federal tax treatment, which includes tax credits and deductions, over the 10-year period from fiscal year 2012 through fiscal year 2021; and
Whereas, The nation can no longer afford to provide tax credits and deductions to companies that are experiencing high profits while many Americans are struggling to recover from the economic recession; and
Whereas, The President of the United States has proposed eliminating the preferential tax treatment for oil and natural gas companies, especially in light of a projected federal deficit in fiscal year 2015 of $469 billion; and
Whereas, It is altogether fitting and proper and in the best interest of the citizens of New Jersey and the citizens of this great nation to memorialize the President and Congress to enact legislation eliminating the preferential tax treatment for oil and natural gas companies; now, therefore,
Be It Resolved by the Senate of the State of New Jersey (the General Assembly concurring):
1. The President and the United States Congress are respectfully memorialized to enact legislation eliminating the preferential tax treatment for oil and natural gas companies.
2. Copies of this
resolution, as filed with the Secretary of State, shall be transmitted by the
Clerk of the General Assembly or the Secretary of the Senate to the President
of the United States, the President of the United States Senate, the Senate
Majority Leader, the Senate Minority Leader, the Speaker of the United States
House of Representatives, the Minority Leader of the United States House of
Representatives, and each member of Congress elected from the State of New
Jersey.
STATEMENT
This concurrent resolution memorializes the President and the United States Congress to enact legislation eliminating the preferential tax treatment for oil and natural gas companies. Oil and natural gas companies are reporting high profit levels, while the federal deficit stands at $469 billion. This legislation would save the United States an estimated $43.6 billion over the 10-year period from fiscal year 2012 through fiscal year 2021.
