Bill > HR601

Introduced Session

End Big Oil Tax Subsidies Act of 2011- Amends the Internal Revenue Code to require seven-year amortization of the geological and geophysical expenditures of covered large oil companies. Defines "covered large oil company" as a taxpayer which is a major integrated oil company or which has gross receipts in excess of $50 million in a taxable year. Denies certain tax benefits to any taxpayer that is not a small, independent oil and gas company, including: (1) the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery, (2) expensing of intangible drilling and development costs in the case of gas wells and geothermal wells, (3) percentage depletion, (4) the tax deduction for qualified tertiary injectant expenses, (5) the exemption from limitations on passive activity losses, and (6) the tax deduction for income attributable to domestic production activities. Prohibits the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies. Limits or denies the foreign tax credit and tax deferrals for amounts paid or accrued by a dual capacity taxpayer to a foreign country or U.S. possession for any period with respect to combined foreign oil and gas income. Defines "dual capacity taxpayer" as a person who is subject to a levy of a foreign country or U.S. possession and receives (or will receive) directly or indirectly a specific economic benefit from such county or possession..

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Timothy Bishop (D),  Earl Blumenauer (D),  Lois Capps (D),  Judy Chu (D),  David Cicilline (D),  Steve Cohen (D),  Gerry Connolly (D),  John Conyers (D),  Joe Courtney (D),  Peter DeFazio (D),  Rosa DeLauro (D),  Keith Ellison (D),  Anna Eshoo (D),  Bob Filner (D),  Barney Frank (D),  John Garamendi (D),  Raúl Grijalva (D),  Jim Himes (D),  Maurice Hinchey (D),  Mazie Hirono (D),  Rush Holt (D),  Michael Honda (D),  Marcy Kaptur (D),  Dennis Kucinich (D),  James Langevin (D),  Barbara Lee (D),  Zoe Lofgren (D),  Nita Lowey (D),  Ed Markey (D),  Betty McCollum (D),  Jim McDermott (D),  Jim McGovern (D),  George Miller (D),  James Moran (D),  Jerry Nadler (D),  Eleanor Holmes Norton (D),  John Olver (D),  Gary Peters (D),  Chellie Pingree (D),  Jared Polis (D),  David Price (D),  Mike Quigley (D),  Steven Rothman (D),  Jan Schakowsky (D),  Louise Slaughter (D),  Jackie Speier (D),  Fortney Stark (D),  Betty Sutton (D),  John Tierney (D),  Niki Tsongas (D),  Chris Van Hollen (D),  Peter Welch (D),  Lynn Woolsey (D), 

Referred to the House Committee on Ways and Means. (on 02/10/2011)

Official Document