H.R. 5644 · 111th Congress
End Big Oil Tax Subsidies Act of 2010
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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BlumenauerSponsor23 cosponsors · 23 D
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Carnahan
SC
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Cohen
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Giffords
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Hinchey
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Holt
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Lee
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McDermott
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Moran
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Pingree
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Polis
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Quigley
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Schakowsky
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Tonko
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Welch
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Capps
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Hirono
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Stark
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McGovern
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Hodes
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Tierney
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Frank
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Matsui
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Price14 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
End Big Oil Tax Subsidies Act of 2010 - Amends the Internal Revenue Code to require seven-year amortization of the geological and geophysical expenditures of covered large oil companies. Defines "covered large oil company" as a taxpayer which is a major integrated oil company or which has gross receipts in excess of $50 million in a taxable year.
What it does: CRS summary · Introduced in House · Jun 30, 2010
End Big Oil Tax Subsidies Act of 2010 - Amends the Internal Revenue Code to require seven-year amortization of the geological and geophysical expenditures of covered large oil companies. Defines "covered large oil company" as a taxpayer which is a major integrated oil company or which has gross receipts in excess of $50 million in a taxable year.
Denies certain tax benefits to any taxpayer that is not a small, independent oil and gas company, including: (1) the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery; (2) expensing of intangible drilling and development costs in the case of gas wells and geothermal wells; (3) percentage depletion; (4) the tax deduction for qualified tertiary injectant expenses; (5) the exemption from limitations on passive activity losses; and (6) the tax deduction for income attributable to domestic production activities.
Prohibits the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies.
Denies the election to expense the cost of refinery property which is used to process liquid fuel from tar sands, shale, or coal (including lignite).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: End Big Oil Tax Subsidies Act of 2010
Latest action (Jun 30, 2010): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jun 30, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.