End Welfare for Big Oil Act of 2013

Summary

End Welfare for Big Oil Act of 2013 - Amends the Internal Revenue Code to limit or repeal certain tax benefits for major integrated oil companies (defined as companies with annual gross receipts over $1 billion and an average daily worldwide production of crude oil of at least 500,000 barrels or certain successors in interest of such companies), including: (1) the foreign tax credit for companies that are dual capacity taxpayers; (2) the tax deduction for income attributable to the production, transportation, or distribution of oil, natural gas, or primary products thereof; (3) the tax deduction for intangible drilling and development costs; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for qualified tertiary injectant expenses. Amends the Energy Policy Act of 2005 to repeal royalty relief (suspension of royalties) for: (1) natural gas production from deep wells in shallow waters of the Gulf of Mexico; and (2) deep water oil and gas production in the Western and Central Planning Area of the Gulf (including the portion of the Eastern Planning Area encompassing whole lease blocks lying west of 87 degrees, 30 minutes west longitude). Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the federal debt.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 1 August 2013

   Introduced

   Introduced in House

   Source: IntroReferral

2. 1 August 2013

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committee on Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

3. 1 August 2013

   Introduced

   Introduced in House

   Source: IntroReferral

4. 9 August 2013

   Referred

   Referred to the Subcommittee on Energy and Mineral Resources.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 1 August 2013 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 1 August 2013

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 1 August 2013

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 1 August 2013

  Open at official source

Sponsors

• Rep. Murphy, Patrick [D-FL-18] · D · Sponsor
• Earl Blumenauer · D · Sponsor
• Elizabeth Esty · D · Sponsor
• Rep. Barber, Ron [D-AZ-2] · D · Sponsor
• Kathy Castor · D · Cosponsor
• Rep. Brown, Corrine [D-FL-5] · D · Cosponsor
• Jared Polis · D · Cosponsor
• ALCEE HASTINGS · D · Cosponsor
• James McGovern · D · Cosponsor
• · hsii00 · Standing
• · hswm00 · Standing

Related records

• related to → Permanent Repeal of Oil Subsidies Act
• related to → Stop the Sequester Job Loss Now Act
• related to → Medical Device Tax Elimination Act
• related to ← Job Preservation and Economic Certainty Act of 2013
• related to ← Job Preservation and Sequester Replacement Act of 2013
• related to ← Close Big Oil Tax Loopholes Act
• related to ← Sustainable Energy Act