End Oil and Gas Tax Subsidies Act of 2015

Summary

End Oil and Gas Tax Subsidies Act of 2015 This bill amends the Internal Revenue Code to: increase to seven years the amortization period for geological and geophysical expenditures; repeal the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery; repeal the tax deduction for the intangible drilling and development costs of oil and gas wells; repeal percentage depletion for oil and gas wells; repeal the tax deduction for tertiary injectant expenses; repeal the passive loss exception for working interests in oil and gas property; deny the tax deduction for income attributable to domestic production activities for oil and gas activities; prohibit the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies; and limit 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).

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 July 2015

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• Introduced in House (PDF)

  Introduced in House · EN · 29 July 2015

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• Introduced in House

  summary · EN · 29 July 2015

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