summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
113th Congress
Bill Summary
End Big Oil Tax Subsidies Act of 2013
AI Summary
This bill, titled the "End Big Oil Tax Subsidies Act of 2013," aims to eliminate certain tax benefits for large oil companies. It proposes to redefine "major integrated oil company" to include "covered large oil company," which encompasses major integrated oil companies and any taxpayer with gross receipts exceeding $50,000,000, effectively broadening the scope of companies affected by these changes. The bill also seeks to remove tax credits and deductions related to producing oil and gas from marginal wells, enhanced oil recovery, intangible drilling and development costs, percentage depletion, and tertiary injectants, specifically for companies that are not "small, independent oil and gas companies." Additionally, it prohibits major integrated oil companies from using the last-in, first-out (LIFO) accounting method for inventory and modifies foreign tax credit rules for "dual capacity taxpayers," which are entities subject to foreign levies while also receiving specific economic benefits from that foreign country. These changes are generally set to take effect for taxable years beginning after December 31, 2013.
Committee Categories
Budget and Finance
Sponsors (42)
Earl Blumenauer (D)*,
Suzanne Bonamici (D),
Bruce Braley (D),
Cheri Bustos (D),
Lois Capps (D),
David Cicilline (D),
Gerry Connolly (D),
John Conyers (D),
Joe Courtney (D),
Peter DeFazio (D),
Rosa DeLauro (D),
Keith Ellison (D),
Anna Eshoo (D),
Raúl Grijalva (D),
Rush Holt (D),
Michael Honda (D),
Jared Huffman (D),
Bill Keating (D),
James Langevin (D),
Barbara Lee (D),
Zoe Lofgren (D),
Ed Markey (D),
Betty McCollum (D),
Jim McGovern (D),
George Miller (D),
James Moran (D),
Patrick Murphy (D),
Jerry Nadler (D),
Eleanor Holmes Norton (D),
Gary Peters (D),
Chellie Pingree (D),
Jared Polis (D),
David Price (D),
Mike Quigley (D),
Charles Rangel (D),
Jan Schakowsky (D),
Louise Slaughter (D),
Jackie Speier (D),
Niki Tsongas (D),
Chris Van Hollen (D),
Henry Waxman (D),
Peter Welch (D),
Last Action
Referred to the House Committee on Ways and Means. (on 02/12/2013)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | http://gpo.gov/fdsys/pkg/BILLS-113hr609ih/pdf/BILLS-113hr609ih.pdf |
| Bill | https://www.congress.gov/bill/113th-congress/house-bill/609/all-info |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-113hr609ih/pdf/BILLS-113hr609ih.pdf.pdf |
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