US Congress Senate Bill 258 (Prior Session Legislation)

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Spectrum: Strong Partisan Bill (Democrat 11-1)
Status: Introduced on February 2 2011 - 25% progression, died in committee
Action: 2011-02-02 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

Close Big Oil Tax Loopholes Act

Sen. Robert Menendez [D-NJ]	Sen. Barbara Boxer [D-CA]	Sen. Richard Durbin [D-IL]	Sen. Frank Lautenberg [D-NJ]
Sen. Patrick Leahy [D-VT]	Sen. Jeff Merkley [D-OR]	Sen. Bill Nelson [D-FL]	Sen. Jack Reed [D-RI]
Sen. John Rockefeller [D-WV]	Sen. Bernard Sanders [I-VT]	Sen. Charles Schumer [D-NY]	Sen. Sheldon Whitehouse [D-RI]

Date	Chamber	Action
2011-02-02	Senate	Read twice and referred to the Committee on Finance.

SB940 (Related) 2011-05-17 - Motion to proceed to consideration of measure, under the order of 5/16/2011, not having achieved 60 votes in the affirmative, was withdrawn in Senate. (consideration: CR S3039)
HB4108 (Related) 2012-03-09 - Referred to the Subcommittee on Energy and Mineral Resources.
SB2204 (Related) 2012-03-29 - Cloture on the measure not invoked in Senate by Yea-Nay Vote. 51 - 47. Record Vote Number: 63. (consideration: CR S2199; text: CR S2199)

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/258/all-info
Text	https://www.congress.gov/112/bills/s258/BILLS-112s258is.pdf