Bill > HR1426

This bill, titled the "Big Oil Welfare Repeal Act of 2013," aims to amend the Internal Revenue Code to eliminate a specific tax deduction for major integrated oil companies. A "major integrated oil company" is defined as a company that produces at least 500,000 barrels of crude oil daily on average and had over $1 billion in gross receipts in its last taxable year ending in 2005. The bill proposes to remove the tax deduction that allows these companies to reduce their taxable income based on income generated from domestic production activities, specifically for their oil and gas operations. This change would apply to taxable years beginning after the bill is enacted into law.