US Congress Senate Bill 1710 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 23-0)
Status: Introduced on August 2 2017 - 25% progression, died in committee
Action: 2017-08-02 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Close Big Oil Tax Loopholes Act This bill amends the Internal Revenue Code to limit or repeal certain tax benefits for major integrated oil companies (certain companies with annual gross receipts over $1 billion and an average daily worldwide production of crude oil of at least 500,000 barrels), including: (1) the foreign tax credit for companies that are dual capacity taxpayers; (2) the tax deduction for income attributable to the production, refining, processing, transportation, or distribution 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. The bill modifies the definition of "major integrated oil company" to include certain successors in interest that control more than 50% of the crude oil production or natural gas production of the company. The bill also amends the Energy Policy Act of 2005 to repeal royalty relief (suspension of royalties) for: (1) natural gas production from deep wells in shallow waters of the Gulf of Mexico; and (2) deep water oil and gas production in the Western and Central Planning Area of the Gulf (including the portion of the Eastern Planning Area encompassing whole lease blocks lying west of 87 degrees, 30 minutes west longitude). Any net savings that occur as a result of this bill must be used for reducing the federal budget deficit or the federal debt.

Close Big Oil Tax Loopholes Act

Sen. Robert Menendez [D-NJ]	Sen. Richard Blumenthal [D-CT]	Sen. Patrick Leahy [D-VT]	Sen. Sheldon Whitehouse [D-RI]
Sen. Charles Schumer [D-NY]	Sen. Bill Nelson [D-FL]	Sen. Al Franken [D-MN]	Sen. Jeanne Shaheen [D-NH]
Sen. Gary Peters [D-MI]	Sen. Margaret Hassan [D-NH]	Sen. Benjamin Cardin [D-MD]	Sen. Jack Reed [D-RI]
Sen. Patty Murray [D-WA]	Sen. Richard Durbin [D-IL]	Sen. Debbie Stabenow [D-MI]	Sen. Amy Klobuchar [D-MN]
Sen. Dianne Feinstein [D-CA]	Sen. Jeff Merkley [D-OR]	Sen. Edward Markey [D-MA]	Sen. Mazie Hirono [D-HI]
Sen. Kamala Harris [D-CA]	Sen. Cory Booker [D-NJ]	Sen. Elizabeth Warren [D-MA]

Date	Chamber	Action
2017-08-02	Senate	Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/1710/all-info
Text	https://www.congress.gov/115/bills/s1710/BILLS-115s1710is.pdf