End Big Oil Tax Subsidies Act of 2010

Summary

End Big Oil Tax Subsidies Act of 2010 - 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. Denies the election to expense the cost of refinery property which is used to process liquid fuel from tar sands, shale, or coal (including lignite).

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

Timeline

1. 30 June 2010

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 30 June 2010

   Introduced

   Sponsor introductory remarks on measure. (CR E1252)

   Source: IntroReferral

3. 30 June 2010

   Introduced

   Introduced in House

   Source: IntroReferral

4. 30 June 2010

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 30 June 2010 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 30 June 2010

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 30 June 2010

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 30 June 2010

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  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. Blumenauer, Earl [D-OR-3] · D · Sponsor
• Rep. Holt, Rush [D-NJ-12] · D · Sponsor
• Rep. Quigley, Mike [D-IL-5] · D · Sponsor
• Rep. Lee, Barbara [D-CA-12] · D · Sponsor
• Rep. Hinchey, Maurice D. [D-NY-22] · D · Sponsor
• Sen. Welch, Peter [D-VT] · D · Sponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Sponsor
• Rep. Moran, James P. [D-VA-8] · D · Sponsor
• Rep. Giffords, Gabrielle [D-AZ-8] · D · Sponsor
• Rep. Pingree, Chellie [D-ME-1] · D · Sponsor
• Rep. Carnahan, Russ [D-MO-3] · D · Sponsor
• Rep. Cohen, Steve [D-TN-9] · D · Sponsor
• Rep. Tonko, Paul [D-NY-20] · D · Sponsor
• Rep. Polis, Jared [D-CO-2] · D · Sponsor
• Rep. McDermott, Jim [D-WA-7] · D · Sponsor
• Rep. Stark, Fortney Pete [D-CA-13] · D · Cosponsor
• Sen. Hirono, Mazie K. [D-HI] · D · Cosponsor
• Rep. Capps, Lois [D-CA-24] · D · Cosponsor
• Rep. McGovern, James P. [D-MA-2] · D · Cosponsor
• Rep. Hodes, Paul W. [D-NH-2] · D · Cosponsor
• Rep. Tierney, John F. [D-MA-6] · D · Cosponsor
• Rep. Frank, Barney [D-MA-4] · D · Cosponsor
• Rep. Matsui, Doris O. [D-CA-7] · D · Cosponsor
• Rep. Price, David E. [D-NC-4] · D · Cosponsor
• · hswm00 · Standing

Related records

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