H.R. 3311 · 114th Congress
End Oil and Gas Tax Subsidies Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BlumenauerSponsor21 cosponsors · 21 D
D
Conyers
LC
D
Capps
DC
D
Cicilline
RD
D
DeLauro
DE
D
Edwards
MH
D
Honda
JH
D
Huffman
JL
D
Langevin
TL
D
Lieu
JM
D
McGovern
JM
D
McDermott
BM
D
McCollum
EN
D
Norton
BP
D
Pascrell
JP
D
Polis
MP
D
Pocan
CR
D
Rangel
NT
D
Tsongas
CV
D
Van Hollen
PW
D
Welch
LS
D
Slaughter20 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
What it does: CRS summary · Introduced in House · Jul 29, 2015
End Oil and Gas Tax Subsidies Act of 2015
This bill amends the Internal Revenue Code to:
- increase to seven years the amortization period for geological and geophysical expenditures;
- repeal the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery;
- repeal the tax deduction for the intangible drilling and development costs of oil and gas wells;
- repeal percentage depletion for oil and gas wells;
- repeal the tax deduction for tertiary injectant expenses;
- repeal the passive loss exception for working interests in oil and gas property;
- deny the tax deduction for income attributable to domestic production activities for oil and gas activities;
- prohibit the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies; and
- limit the foreign tax credit for dual capacity taxpayers (i.e., taxpayers who are subject to a levy of a foreign country or U.S. possession and receive specific economic benefits from such country or possession).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: End Oil and Gas Tax Subsidies Act of 2015
Latest action (Jul 29, 2015): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jul 29, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.