Bill > HR1483

This bill aims to repeal various tax subsidies and deductions that currently benefit the oil and gas industry. The key provisions include: 1. Extending the amortization period for geological and geophysical expenditures from 24 months to 7 years. 2. Eliminating the tax credit for producing oil and gas from marginal wells. 3. Repealing the enhanced oil recovery credit. 4. Disallowing the deduction for intangible drilling and development costs for oil and gas wells. 5. Repealing the percentage depletion allowance for oil and gas wells. 6. Repealing the deduction for tertiary injectants. 7. Eliminating the exception to the passive loss limitations for working interests in oil and gas properties. 8. Prohibiting the use of last-in, first-out (LIFO) accounting for major integrated oil companies. 9. Modifying the foreign tax credit rules applicable to oil and gas companies that are "dual capacity" taxpayers. 10. Clarifying that bitumen, oil derived from tar sands, and other similar fuels are considered "crude oil" for excise tax purposes. The overall aim of this bill is to phase out tax benefits and subsidies that have historically supported the oil and gas industry in the United States.