Bill Text: NJ SCR80 | 2012-2013 | Regular Session | Introduced
Bill Title: Memorializes President and United States 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) 2012-02-06 - Introduced in the Senate, Referred to Senate Environment and Energy Committee [SCR80 Detail]
Download: New_Jersey-2012-SCR80-Introduced.html
SENATE CONCURRENT RESOLUTION No. 80
STATE OF NEW JERSEY
215th LEGISLATURE
INTRODUCED FEBRUARY 6, 2012
Sponsored by:
Senator SHIRLEY K. TURNER
District 15 (Hunterdon and Mercer)
SYNOPSIS
Memorializes President and United States 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 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 $3.22 per gallon in December 2011, an increase of $1.55 or 93 percent from December 2008; and
Whereas, In late October 2011, ExxonMobil Corporation, BP p.l.c., Chevron Corporation, Shell Oil, Total S.A., and ConocoPhillips, the world's six largest publicly traded oil companies, reported combined third quarter profits of $36.8 billion; and
Whereas, According to the federal Office of Management and Budget, the oil and natural gas industry is projected to receive in fiscal year 2012 an estimated $3.5 billion in preferential federal tax treatment, which includes tax credits and deductions, and an estimated $43.6 billion in such benefits over the ten-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 record 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 2012 of $1.1 trillion; 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 Congress are respectfully memorialized to enact legislation eliminating the preferential tax treatment for oil and natural gas companies.
2. Duly authenticated copies of this resolution, signed by the President of the Senate and the Speaker of the General Assembly and attested by the Secretary of the Senate and the Clerk of the General Assembly, shall be transmitted to the President of the United States, the President of the United States Senate, the Senate Majority Leader, the Speaker of the United States House of Representatives, and each member of Congress from the State of New Jersey.
STATEMENT
In federal fiscal year 2012, oil and natural gas companies are projected to receive an estimated $3.5 billion in preferential federal tax treatment. At the same time, oil and natural gas companies are reporting record profit levels, even as gasoline prices continue to rise and the federal deficit stands at $1.1 trillion. Accordingly, this concurrent resolution memorializes the United States Congress to enact legislation eliminating the preferential tax treatment for oil and natural gas companies. Such legislation would save the United States an estimated $3.5 billion in fiscal year 2012 and an estimated $43.6 billion over the ten-year period from fiscal year 2012 through fiscal year 2021.
