H.R. 1959 · 112th Congress
Pain at the Pump Act
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
TonkoSponsor4 cosponsors · 4 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Pain at the Pump Act - Amends the Internal Revenue Code to repeal certain tax incentives for oil and gas companies, including: (1) the tax credit for enhanced oil recovery, (2) the tax credit for producing oil and gas from marginal wells, (3) the expensing allowance for intangible drilling and development costs, (4) the tax deduction for tertiary injectant…
What it does: CRS summary · Introduced in House · May 24, 2011
Pain at the Pump Act - Amends the Internal Revenue Code to repeal certain tax incentives for oil and gas companies, including: (1) the tax credit for enhanced oil recovery, (2) the tax credit for producing oil and gas from marginal wells, (3) the expensing allowance for intangible drilling and development costs, (4) the tax deduction for tertiary injectant expenses, (5) the exception to passive loss limitations for working interests in oil and gas properties, and (6) percentage depletion for oil and gas wells.
Denies a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof. Extends the required amortization period for geological and geophysical expenditures.
Expresses the sense of Congress that increases in revenue resulting from this Act should be used to make additional expenditures for clean energy programs, including for alternative fuel technology, research and development, clean energy loan guarantees, and low-income home energy assistance.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Pain at the Pump Act
Latest action (Sep 8, 2011): Referred to the Subcommittee on Higher Education and Workforce Training.
Policy area: Taxation · Origin: House · Introduced: May 24, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.