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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

End Big Oil Tax Subsidies Act of 2010

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to repeal fossil fuel subsidies for large oil companies.


Actions Overview (1)

Date
06/30/2010Introduced in House

All Actions (3)

Date
06/30/2010Referred to the House Committee on Ways and Means.
Action By: House of Representatives
06/30/2010Sponsor introductory remarks on measure. (CR E1252)
Action By: House of Representatives
06/30/2010Introduced in House
Action By: House of Representatives

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means06/30/2010 Referred to

No related bill information was received for H.R.5644.


Subjects (7)


Latest Summary (1)

There is one summary for H.R.5644. View summaries

Shown Here:
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).