S.1907 - Close Big Oil Tax Loopholes Act114th Congress (2015-2016)
|Sponsor:||Sen. Menendez, Robert [D-NJ] (Introduced 07/30/2015)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 07/30/2015 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.1907 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (07/30/2015)
Close Big Oil Tax Loopholes Act
Amends the Internal Revenue Code to limit or repeal certain tax benefits for major integrated oil companies (defined as companies with annual gross receipts over $1 billion and an average daily worldwide production of crude oil of at least 500,000 barrels or certain successors in interest of such companies), including: (1) the foreign tax credit for companies that are dual capacity taxpayers; (2) the tax deduction for income attributable to the production, refining, processing, transportation, or distribution of oil, natural gas, or primary products thereof; (3) the tax deduction for intangible drilling and development costs; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for qualified tertiary injectant expenses.
Amends the Energy Policy Act of 2005 to repeal royalty relief (suspension of royalties) for: (1) natural gas production from deep wells in shallow waters of the Gulf of Mexico; and (2) deep water oil and gas production in the Western and Central Planning Area of the Gulf (including the portion of the Eastern Planning Area encompassing whole lease blocks lying west of 87 degrees, 30 minutes west longitude).
Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the federal debt.
Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.