Summary: H.R.3311 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for H.R.3311. Bill summaries are authored by CRS.

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Introduced in House (07/29/2015)

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).