US Congress Senate Bill 307 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 18-0)
Status: Introduced on February 13 2013 - 25% progression, died in committee
Action: 2013-02-13 - 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 - Amends the Internal Revenue Code to limit or repeal certain tax benefits for major integrated oil companies (defined as companies with annual gross receipts over $1 billion and an average daily worldwide production of crude oil of at least 500,000 barrels or certain successors in interest of such companies), 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. 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). Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the federal debt. Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

Close Big Oil Tax Loopholes Act

Sen. Robert Menendez [D-NJ]	Sen. Barbara Boxer [D-CA]	Sen. Sherrod Brown [D-OH]	Sen. Benjamin Cardin [D-MD]
Sen. Richard Durbin [D-IL]	Sen. Al Franken [D-MN]	Sen. Kirsten Gillibrand [D-NY]	Sen. Amy Klobuchar [D-MN]
Sen. Frank Lautenberg [D-NJ]	Sen. Patrick Leahy [D-VT]	Sen. Claire McCaskill [D-MO]	Sen. Jeff Merkley [D-OR]
Sen. Bill Nelson [D-FL]	Sen. Jack Reed [D-RI]	Sen. Charles Schumer [D-NY]	Sen. Jeanne Shaheen [D-NH]
Sen. Debbie Stabenow [D-MI]	Sen. Sheldon Whitehouse [D-RI]

Date	Chamber	Action
2013-02-13	Senate	Read twice and referred to the Committee on Finance.

SB277 (Related) 2013-02-11 - Read twice and referred to the Committee on Finance.
SB278 (Related) 2013-02-11 - Read twice and referred to the Committee on Finance.
HB2956 (Related) 2013-08-09 - Referred to the Subcommittee on Energy and Mineral Resources.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/307/all-info
Text	https://www.congress.gov/113/bills/s307/BILLS-113s307is.pdf