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End Oil and Gas Tax Subsidies Act of 2020

USA116th CongressHR-8411| House 
| Updated: 9/29/2020
Earl Blumenauer

Earl Blumenauer

Democratic Representative

Oregon

Cosponsors (2)
Sean Casten (Democratic)Mike Levin (Democratic)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
End Oil and Gas Tax Subsidies Act of 2020 This bill limits or repeals certain fossil fuel oil and gas subsidies for oil companies. Specifically, it increases to seven years the amortization period for geological and geophysical expenditures; repeals the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery; repeals the tax deduction for the intangible drilling and development costs of oil and gas wells; repeals percentage depletion; repeals the tax deduction for tertiary injectant expenses; repeals the passive loss exception for working interests in oil and gas property; denies the tax deduction for income attributable to domestic production activities for oil and gas activities; prohibits the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies; limits the foreign tax credit for dual capacity taxpayers (i.e., taxpayers who are subject to a levy of a foreign country or U.S. possession and receive specific economic benefits from such country or possession); and expands the definition of crude oil for purposes of the excise tax on petroleum and petroleum products to include any oil derived from a bitumen or bituminous mixture (tar sands), and any oil derived from kerogen-bearing sources (oil shale).
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Timeline
Sep 29, 2020
Introduced in House
Sep 29, 2020
Referred to the House Committee on Ways and Means.
  • September 29, 2020
    Introduced in House


  • September 29, 2020
    Referred to the House Committee on Ways and Means.

Taxation

Related Bills

  • S 116-3315: Tar Sands Tax Loophole Elimination Act
  • HR 116-5914: Tar Sands Tax Loophole Elimination Act
Accounting and auditingAdministrative law and regulatory proceduresBusiness expensesDepartment of the TreasuryIncome tax creditsIncome tax deductionsMotor fuelsOil and gasPipelinesSales and excise taxesTax administration and collection, taxpayersTaxation of foreign income

End Oil and Gas Tax Subsidies Act of 2020

USA116th CongressHR-8411| House 
| Updated: 9/29/2020
End Oil and Gas Tax Subsidies Act of 2020 This bill limits or repeals certain fossil fuel oil and gas subsidies for oil companies. Specifically, it increases to seven years the amortization period for geological and geophysical expenditures; repeals the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery; repeals the tax deduction for the intangible drilling and development costs of oil and gas wells; repeals percentage depletion; repeals the tax deduction for tertiary injectant expenses; repeals the passive loss exception for working interests in oil and gas property; denies the tax deduction for income attributable to domestic production activities for oil and gas activities; prohibits the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies; limits the foreign tax credit for dual capacity taxpayers (i.e., taxpayers who are subject to a levy of a foreign country or U.S. possession and receive specific economic benefits from such country or possession); and expands the definition of crude oil for purposes of the excise tax on petroleum and petroleum products to include any oil derived from a bitumen or bituminous mixture (tar sands), and any oil derived from kerogen-bearing sources (oil shale).
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Sep 29, 2020
Introduced in House
Sep 29, 2020
Referred to the House Committee on Ways and Means.
  • September 29, 2020
    Introduced in House


  • September 29, 2020
    Referred to the House Committee on Ways and Means.
Earl Blumenauer

Earl Blumenauer

Democratic Representative

Oregon

Cosponsors (2)
Sean Casten (Democratic)Mike Levin (Democratic)

Ways and Means Committee

Taxation

Related Bills

  • S 116-3315: Tar Sands Tax Loophole Elimination Act
  • HR 116-5914: Tar Sands Tax Loophole Elimination Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Accounting and auditingAdministrative law and regulatory proceduresBusiness expensesDepartment of the TreasuryIncome tax creditsIncome tax deductionsMotor fuelsOil and gasPipelinesSales and excise taxesTax administration and collection, taxpayersTaxation of foreign income