S.258 - Close Big Oil Tax Loopholes Act112th Congress (2011-2012)
|Sponsor:||Sen. Menendez, Robert [D-NJ] (Introduced 02/02/2011)|
|Committees:||Senate - Finance|
|Latest Action:||02/02/2011 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.258 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in Senate (02/02/2011)
Close Big Oil Tax Loopholes Act - Amends the Internal Revenue Code to deny to taxpayers with gross revenues in excess of $100 million in a taxable year (applicable large taxpayers): (1) the tax deduction for intangible drilling and development costs, (2) the tax deduction for qualified tertiary injectant expenses, (3) the exemption from restrictions on the deductibility of passive losses, (4) the percentage depletion allowance for oil and gas wells, and (5) the tax deduction for income attributable to domestic production of oil, natural gas, or primary products thereof.
Requires applicable large taxpayers to amortize their geological and geophysical expenditures over a seven-year period.
Imposes on producers of taxable crude oil or natural gas a 13% excise tax on the removal price of such oil and natural gas produced from lands on the Outer Continental Shelf in the Gulf of Mexico. Allows a nonrefundable credit against such tax for royalties paid under federal law with respect to the production of such crude oil and natural gas.
Denies a foreign tax credit to any large integrated oil company that is subject to a levy of a foreign country or possession of the United States and receives an economic benefit from such country or possession (dual capacity taxpayer) if such country or possession does not impose a generally applicable income tax.