US Congress Senate Bill 940 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Democrat 28-1)
Status: Introduced on May 10 2011 - 25% progression, died in chamber
Action: 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proceed to consideration of measure, under the order of 5/16/2011, not having achieved 60 votes in the affirmative, was withdrawn in Senate.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)
Text: Latest bill text (Introduced) [PDF]

Close Big Oil Tax Loopholes Act - Expresses the sense of the Senate that: (1) the President and Administration should be commended for recognizing the severity of high gas prices and for taking appropriate actions to help reduce gas prices; (2) Congress should take additional actions to complement the efforts of the President; (3) the Organization of Petroleum Exporting Countries (OPEC) should contribute to the stabilization of world oil markets and prices and reduce the burden of high gasoline prices by using existing idle oil production capacity to compensate for any supply shortages; and (4) U.S. economic, environmental, and national security depend on a sustained effort to reduce and eventually eliminate the dependence of the United States on oil. Amends the Internal Revenue Code to deny to oil companies with gross receipts in excess of $1 billion in a taxable year and an average daily worldwide production of crude oil of at least 500,000 barrels a year: (1) a foreign tax credit if such company is a dual capacity taxpayer, as defined by this Act; (2) the tax deduction for income attributable to domestic production 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 the authority of the Secretary of the Interior to grant royalty relief (suspension of royalties) for natural gas production from deep wells and deep water oil and gas production in the Outer Continental Shelf. Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the public debt. Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

Close Big Oil Tax Loopholes Act

Sen. Robert Menendez [D-NJ]	Sen. Richard Blumenthal [D-CT]	Sen. Barbara Boxer [D-CA]	Sen. Sherrod Brown [D-OH]
Sen. Benjamin Cardin [D-MD]	Sen. Robert Casey [D-PA]	Sen. Christopher Coons [D-DE]	Sen. Richard Durbin [D-IL]
Sen. Dianne Feinstein [D-CA]	Sen. Al Franken [D-MN]	Sen. Kirsten Gillibrand [D-NY]	Sen. Tim Johnson [D-SD]
Sen. Amy Klobuchar [D-MN]	Sen. Frank Lautenberg [D-NJ]	Sen. Patrick Leahy [D-VT]	Sen. Claire McCaskill [D-MO]
Sen. Jeff Merkley [D-OR]	Sen. Barbara Mikulski [D-MD]	Sen. Patty Murray [D-WA]	Sen. Bill Nelson [D-FL]
Sen. Jack Reed [D-RI]	Sen. Harry Reid [D-NV]	Sen. John Rockefeller [D-WV]	Sen. Bernard Sanders [I-VT]
Sen. Charles Schumer [D-NY]	Sen. Jeanne Shaheen [D-NH]	Sen. Debbie Stabenow [D-MI]	Sen. Jon Tester [D-MT]
Sen. Sheldon Whitehouse [D-RI]

2011-05-17 - Senate - On the Motion to Proceed S. 940 (Y: 52 N: 48 NV: 0 Abs: 0) [FAIL]

Date	Chamber	Action
2011-05-17	Senate	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)
2011-05-17	Senate	Motion to proceed to consideration of measure, under the order of 5/16/2011, not having achieved 60 votes in the affirmative, was rejected in Senate by Yea-Nay Vote. 52 - 48. Record Vote Number: 72. (consideration: CR S3039)
2011-05-17	Senate	Motion to proceed to consideration of measure by Senator Reid made in Senate. (consideration: CR S3013-3039)
2011-05-11	Senate	Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 42.
2011-05-10	Senate	Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

SB258 (Related) 2011-02-02 - Read twice and referred to the Committee on Finance.
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/940/all-info
Text	https://www.congress.gov/112/bills/s940/BILLS-112s940pcs.pdf
Roll Call	https://www.senate.gov/legislative/LIS/roll_call_votes/vote1121/vote_112_1_00072.htm