Oil Subsidy Elimination Act of 2006

Summary

Oil Subsidy Elimination Act of 2006 - Requires oil companies with annual gross receipts of $1 billion or more and average daily crude oil production levels of at least 500,000 barrels (defined as large integrated oil companies) to revalue, according to a specified formula, their 2005 LIFO inventories of crude oil, natural gas, or other petroleum products. Amends the Internal Revenue Code to deny large integrated oil companies: (1) amortization of geological and geophysical expenditures; and (2) foreign tax credits for certain payments made to foreign countries. Repeals provisions of the Energy Policy Act of 2005 relating to: (1) expensing of crude oil refinery property; (2) exemptions from limitations on oil depletion deductions for certain small crude oil refiners; and (3) amortization of geological and geophysical expenditures.

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Timeline

1. 27 April 2006

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 27 April 2006

   Introduced

   Introduced in House

   Source: IntroReferral

3. 27 April 2006

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 27 April 2006 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 April 2006

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 27 April 2006

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 27 April 2006

  Open at official source

Sponsors

• John Larson · D · Sponsor
• Rep. McDermott, Jim [D-WA-7] · D · Sponsor
• Rep. Hinchey, Maurice D. [D-NY-22] · D · Sponsor
• Rep. Allen, Thomas H. [D-ME-1] · D · Sponsor
• Rep. Hooley, Darlene [D-OR-5] · D · Sponsor
• Raúl Grijalva · D · Sponsor
• Rosa DeLauro · D · Sponsor
• Rep. Honda, Michael M. [D-CA-17] · D · Sponsor
• Rep. Nadler, Jerrold [D-NY-12] · D · Sponsor
• Barbara Lee · D · Sponsor
• Rep. Frank, Barney [D-MA-4] · D · Cosponsor
• James McGovern · D · Cosponsor
• Rep. Berkley, Shelley [D-NV-1] · D · Cosponsor
• Rep. Wexler, Robert [D-FL-19] · D · Cosponsor
• Rep. Gordon, Bart [D-TN-6] · D · Cosponsor
• Rep. Stark, Fortney Pete [D-CA-9] · D · Cosponsor
• JOHN CONYERS · D · Cosponsor
• MIKE DOYLE · D · Cosponsor
• Sheila Jackson Lee · D · Cosponsor
• Rep. Matsui, Doris O. [D-CA-7] · D · Cosponsor
• · hswm00 · Standing

Related records

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