S. 888 · 111th Congress
Oil Industry Tax Break Repeal Act of 2009
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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.
D
SchumerSponsorNo cosponsors.
Oil Industry Tax Break Repeal Act of 2009- Amends the Internal Revenue Code to: (1) limit the oil depletion allowance; (2) terminate accelerated depreciation of natural gas distribution lines and Alaska natural gas pipelines, expensing of equipment used in refining of liquid fuels, the tax deduction for intangible drilling and development costs and tertiary…
What it does: CRS summary · Introduced in Senate · Apr 23, 2009
Oil Industry Tax Break Repeal Act of 2009- Amends the Internal Revenue Code to: (1) limit the oil depletion allowance; (2) terminate accelerated depreciation of natural gas distribution lines and Alaska natural gas pipelines, expensing of equipment used in refining of liquid fuels, the tax deduction for intangible drilling and development costs and tertiary injectants, and the tax credits for enhanced oil recovery and for producing oil and gas from marginal wells; (3) classify natural gas gathering lines as 15-year property for depreciation purposes; and (4) deny large integrated oil companies the tax deduction for income attributable to the domestic production of oil, natural gas, or related products. Defines "large integrated oil companies" as companies with gross receipts in excess of $1 billion and average daily worldwide crude oil production of at least 500,000 barrels.
Requires large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum products according to a specified formula. Denies such oil companies a foreign tax credit for payments to certain foreign countries from which they receive a specified economic benefit as a dual capacity taxpayer.
Establishes in the Treasury the Energy Trust Fund and dedicates amounts in such Trust Fund to accelerating the use of clean domestic renewable energy and alternative fuels, promoting energy efficiency, and increasing research, development, and deployment of clean renewable energy and efficient technologies.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Oil Industry Tax Break Repeal Act of 2009
Latest action (Apr 23, 2009): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Apr 23, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.