S. 5216 · 117th Congress
Close Big Oil Tax Loopholes Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MenendezSponsor6 cosponsors · 6 D
6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill limits or repeals tax and royalty relief provisions that benefit certain large oil companies. It modifies foreign tax credit rules applicable to such companies and limits deductions for intangible drilling and development costs, percentage depletion, enhanced oil recovery, and other tax preferences.
What it does: CRS summary · Introduced in Senate · Dec 8, 2022
Close Big Oil Tax Loopholes Act
This bill limits or repeals tax and royalty relief provisions that benefit certain large oil companies. It modifies foreign tax credit rules applicable to such companies and limits deductions for intangible drilling and development costs, percentage depletion, enhanced oil recovery, and other tax preferences.
The bill repeals the outer Continental Shelf deep water and deep gas royalty relief provisions.
Any savings resulting from this bill must be used for federal budget deficit reduction or, if there is no current budget deficit, for reducing the federal debt.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Close Big Oil Tax Loopholes Act
Latest action (Dec 8, 2022): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Dec 8, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.