Gas Price Relief Act of 2011

Summary

Gas Price Relief Act of 2011 - Directs the Secretary of the Treasury to distribute an equal amount of the revenues raised by this Act to each holder of a valid driver's license. 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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Timeline

1. 10 May 2011

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 10 May 2011

   Introduced

   Sponsor introductory remarks on measure. (CR H3117-3118)

   Source: IntroReferral

3. 10 May 2011

   Introduced

   Introduced in House

   Source: IntroReferral

4. 10 May 2011

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 10 May 2011 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 May 2011

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 10 May 2011

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 10 May 2011

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Connolly, Gerald E. [D-VA-11] · D · Sponsor
• · hswm00 · Standing

Related records

• related to → End Big Oil Tax Subsidies Act of 2011
• related to → Clean Energy Jobs Act of 2011
• related to ← Gas Tax Holiday Act