Energy Fairness for America Act

Summary

Energy Fairness for America Act - Amends the Internal Revenue Code to terminate: (1) the tax deduction for oil and gas intangible drilling and development costs; (2) the percentage depletion allowance for oil and gas wells; and (3) the tax credit for enhanced oil recovery costs. Repeals provisions of the Energy Policy Act of 2005 relating to: (1) oil and gas royalties in-kind; (2) marginal property production incentives; (3) incentives for natural gas production in the Gulf of Mexico; (4) royalty suspension for deep water production; (5) the inventory of Outer Continental Shelf oil and natural gas resources; (6) the ultra-deepwater and unconventional natural gas and other petroleum resources program; (7) Alaska offshore royalty suspension; (8) accelerated depreciation of electric transmission property, natural gas distribution lines, and natural gas gathering lines and expensing of liquid fuel refinery property; (9) the exemption of small oil refiners from limitations on the oil depletion allowance; and (10) two-year amortization of geological and geophysical expenditures. Requires certain large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum productions using a specified formula. Limits or denies the foreign tax credit and tax deferrals for dual capacity taxpayers (taxpayers receiving economic and tax benefits from certain foreign jurisdictions), foreign oil and gas income, and foreign oil and gas extraction income.

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

Timeline

1. 4 May 2006

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committees on Resources, and Science, 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

2. 4 May 2006

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committees on Resources, and Science, 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. 4 May 2006

   Introduced

   Introduced in House

   Source: IntroReferral

4. 4 May 2006

   Introduced

   Introduced in House

   Source: IntroReferral

5. 15 May 2006

   Referred

   Referred to the Subcommittee on Energy and Mineral Resources.

   Source: Committee

6. 15 May 2006

   Committee

   Executive Comment Requested from Interior.

   Source: Committee

7. 16 May 2006

   Referred

   Referred to the Subcommittee on Energy.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 4 May 2006 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 4 May 2006

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 4 May 2006

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 4 May 2006

  Open at official source

  Leesvertaling

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  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

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Sponsors

• Rep. Hinchey, Maurice D. [D-NY-22] · D · Sponsor
• Rep. Hastings, Alcee L. [D-FL-20] · D · Sponsor
• Sen. Markey, Edward J. [D-MA] · D · Sponsor
• Rep. Inslee, Jay [D-WA-1] · D · Sponsor
• Rep. Moran, James P. [D-VA-8] · D · Sponsor
• Rep. Blumenauer, Earl [D-OR-3] · D · Sponsor
• Sen. Sanders, Bernard [I-VT] · I · Sponsor
• Rep. McDermott, Jim [D-WA-7] · D · Sponsor
• Rep. Stark, Fortney Pete [D-CA-13] · D · Sponsor
• Rep. Maloney, Carolyn B. [D-NY-12] · D · Sponsor
• Rep. McGovern, James P. [D-MA-2] · D · Sponsor
• Rep. Larson, John B. [D-CT-1] · D · Sponsor
• Sen. Schiff, Adam B. [D-CA] · D · Sponsor
• Rep. Grijalva, Raúl M. [D-AZ-7] · D · Sponsor
• Rep. Capps, Lois [D-CA-24] · D · Sponsor
• Rep. Oberstar, James L. [D-MN-8] · D · Sponsor
• Rep. Rahall, Nick J., II [D-WV-3] · D · Sponsor
• Rep. McCarthy, Carolyn [D-NY-4] · D · Sponsor
• Rep. Rangel, Charles B. [D-NY-15] · D · Sponsor
• Rep. Miller, George [D-CA-11] · D · Sponsor
• Rep. DeFazio, Peter A. [D-OR-4] · D · Sponsor
• Rep. Meehan, Martin T. [D-MA-5] · D · Sponsor
• Rep. Wexler, Robert [D-FL-19] · D · Sponsor
• Rep. DeLauro, Rosa L. [D-CT-3] · D · Sponsor
• Rep. Woolsey, Lynn C. [D-CA-6] · D · Sponsor
• Rep. Towns, Edolphus [D-NY-10] · D · Sponsor
• Rep. Lowey, Nita M. [D-NY-17] · D · Sponsor
• Rep. Stupak, Bart [D-MI-1] · D · Sponsor
• Rep. Clay, Wm. Lacy [D-MO-1] · D · Cosponsor
• · hssy00 · Standing
• · hsii00 · Standing
• · hswm00 · Standing

Related records

• related to → Gas Tax Equity Act of 2006
• related to ← Energy Fairness for America Act