S. 1504 · 110th Congress
A bill to revalue the LIFO inventories of major integrated oil companies.
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
SnoweSponsorNo cosponsors.
Requires major integrated oil companies (i.e., companies with annual gross receipts over $1 billion and average daily worldwide production of crude oil of at least 500,000 barrels) to revalue their LIFO inventories of crude oil, natural gas, or any other petroleum product according to a specified formula.
What it does: CRS summary · Introduced in Senate · May 24, 2007
Requires major integrated oil companies (i.e., companies with annual gross receipts over $1 billion and average daily worldwide production of crude oil of at least 500,000 barrels) to revalue their LIFO inventories of crude oil, natural gas, or any other petroleum product according to a specified formula. Exempts such companies from any penalties for underpayment of estimated tax resulting from the revaluation of their LIFO inventories.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to revalue the LIFO inventories of major integrated oil companies.
Latest action (May 24, 2007): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: May 24, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.