US HB8411 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on September 29 2020 - 25% progression, died in committee
Action: 2020-09-29 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on September 29 2020 - 25% progression, died in committee
Action: 2020-09-29 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Limits or repeals certain fossil fuel oil and gas subsidies for oil companies. Specifically, it increases to seven years the amortization period for geological and geophysical expenditures; repeals the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery; repeals the tax deduction for the intangible drilling and development costs of oil and gas wells; repeals percentage depletion; repeals the tax deduction for tertiary injectant expenses; repeals the passive loss exception for working interests in oil and gas property; denies the tax deduction for income attributable to domestic production activities for oil and gas activities; prohibits the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies; limits 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); and expands the definition of crude oil for purposes of the excise tax on petroleum and petroleum products to include any oil derived from a bitumen or bituminous mixture (tar sands), and any oil derived from kerogen-bearing sources (oil shale).
Title
End Oil and Gas Tax Subsidies Act of 2020
Sponsors
Rep. Earl Blumenauer [D-OR] | Rep. Sean Casten [D-IL] | Rep. Mike Levin [D-CA] |
History
Date | Chamber | Action |
---|---|---|
2020-09-29 | House | Referred to the House Committee on Ways and Means. |
2020-09-29 | House | Introduced in House |
Same As/Similar To
HB5914 (Related) 2020-02-14 - Referred to the House Committee on Ways and Means.
SB3315 (Related) 2020-02-13 - Read twice and referred to the Committee on Finance.
SB3315 (Related) 2020-02-13 - Read twice and referred to the Committee on Finance.
Subjects
Accounting and auditing
Administrative law and regulatory procedures
Business expenses
Department of the Treasury
Income tax credits
Income tax deductions
Motor fuels
Oil and gas
Pipelines
Sales and excise taxes
Tax administration and collection, taxpayers
Taxation
Taxation of foreign income
Administrative law and regulatory procedures
Business expenses
Department of the Treasury
Income tax credits
Income tax deductions
Motor fuels
Oil and gas
Pipelines
Sales and excise taxes
Tax administration and collection, taxpayers
Taxation
Taxation of foreign income
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/8411/all-info |
Text | https://www.congress.gov/116/bills/hr8411/BILLS-116hr8411ih.pdf |