H.R.880 - Surface Transportation Investment Act of 2019116th Congress (2019-2020) |
|Sponsor:||Rep. Brownley, Julia [D-CA-26] (Introduced 01/30/2019)|
|Committees:||House - Ways and Means; Transportation and Infrastructure|
|Latest Action:||House - 02/07/2019 Referred to the Subcommittee on Highways and Transit. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.880 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (01/30/2019)
Surface Transportation Investment Act of 2019
This bill limits or repeals certain tax benefits for major integrated oil companies, including (1) the foreign tax credit for companies that are dual capacity taxpayers, (2) the tax deduction for intangible drilling and development costs, (3) the percentage depletion allowance for oil and gas wells, and (4) the tax deduction for qualified tertiary injectant expenses.
The bill modifies the definition of "major integrated oil company" to include certain successors in interest that control more than 50% of the crude oil production or natural gas production of the company.
The bill establishes a Transportation Block Grant Fund and appropriates to the fund amounts equal to the increase in revenues as a result of this bill. The funds must be used for making grants under the Surface Transportation Block Grant Program.