US SB2996 | 2015-2016 | 114th Congress
Status
Spectrum: Partisan Bill (Democrat 7-0)
Status: Introduced on May 26 2016 - 25% progression, died in committee
Action: 2016-05-26 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 26 2016 - 25% progression, died in committee
Action: 2016-05-26 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
FAIR Energy Policy Act Fossil Aid is Inefficient and Regressive Energy Policy Act This bill amends the Internal Revenue Code to phase out certain tax provisions that apply to fossil fuels. The bill establishes a schedule for decreasing the benefits of the provisions for major integrated oil companies by specified percentages that reach 100% after December 31, 2019. The affected provisions include: the deduction for intangible drilling costs, the deduction for the percentage of depletion of oil and natural gas wells, the deduction for oil related qualified production activities income, the deduction for the amortization of geological and geophysical expenditures, the deduction for the percentage of depletion of oil shale, the deduction for exploration and development costs for oil shale, the capital gains treatment for royalties of coal, the deduction for tertiary injectants, the exception to the passive loss limitation for working interests in oil and natural gas properties, and the marginal wells tax credit.
Title
FAIR Energy Policy Act Fossil Aid is Inefficient and Regressive Energy Policy Act
Sponsors
Sen. Brian Schatz [D-HI] | Sen. Sheldon Whitehouse [D-RI] | Sen. Dianne Feinstein [D-CA] | Sen. Jeff Merkley [D-OR] |
Sen. Elizabeth Warren [D-MA] | Sen. Edward Markey [D-MA] | Sen. Gary Peters [D-MI] |
History
Date | Chamber | Action |
---|---|---|
2016-05-26 | Senate | Read twice and referred to the Committee on Finance. |
Subjects
Business investment and capital
Capital gains tax
Coal
Earth sciences
Income tax credits
Income tax deductions
Manufacturing
Oil and gas
Taxation
Capital gains tax
Coal
Earth sciences
Income tax credits
Income tax deductions
Manufacturing
Oil and gas
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/senate-bill/2996/all-info |
Text | https://www.congress.gov/114/bills/s2996/BILLS-114s2996is.pdf |