H.R.5644 - End Big Oil Tax Subsidies Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Blumenauer, Earl [D-OR-3] (Introduced 06/30/2010)|
|Committees:||House - Ways and Means|
|Latest Action:||06/30/2010 Referred to the House Committee on Ways and Means.|
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Summary: H.R.5644 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (06/30/2010)
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).