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United States · Bill · HR

H.R. 601 (112th)

End Big Oil Tax Subsidies Act of 2011

referredUnited States· United States Congress· EN

Introduced

10 February 2011

Last action

10 February 2011 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Blumenauer, Earl [D-OR-3], Sen. Markey, Edward J. [D-MA], Sen. Welch, Peter [D-VT], Rep. Polis, Jared [D-CO-2], Rep. Conyers, John, Jr. [D-MI-13], Rep. Langevin, James R. [D-RI-2], Rep. Lee, Barbara [D-CA-12], Rep. Moran, James P. [D-VA-8], Rep. Holt, Rush [D-NJ-12], Rep. Hinchey, Maurice D. [D-NY-22], Rep. Grijalva, Raúl M. [D-AZ-7], Rep. Miller, George [D-CA-11], Rep. Stark, Fortney Pete [D-CA-13], Rep. McDermott, Jim [D-WA-7], Rep. Price, David E. [D-NC-4], Rep. Capps, Lois [D-CA-24], Rep. Pingree, Chellie [D-ME-1], Rep. Sutton, Betty [D-OH-13], Rep. Woolsey, Lynn C. [D-CA-6], Rep. Schakowsky, Janice D. [D-IL-9], Rep. Cohen, Steve [D-TN-9], Rep. Olver, John W. [D-MA-1], Rep. Connolly, Gerald E. [D-VA-11], Rep. Himes, James A. [D-CT-4], Rep. Speier, Jackie [D-CA-14], Rep. Ellison, Keith [D-MN-5], Rep. Kucinich, Dennis J. [D-OH-10], Rep. Tierney, John F. [D-MA-6], Rep. Frank, Barney [D-MA-4], Rep. Eshoo, Anna G. [D-CA-18], Rep. Slaughter, Louise McIntosh [D-NY-25], Rep. McGovern, James P. [D-MA-2], Rep. Cicilline, David N. [D-RI-1], Sen. Van Hollen, Chris [D-MD], Rep. McCollum, Betty [D-MN-4], Del. Norton, Eleanor Holmes [D-DC-At Large], Sen. Hirono, Mazie K. [D-HI], Rep. Kaptur, Marcy [D-OH-9], Rep. Courtney, Joe [D-CT-2], Rep. DeLauro, Rosa L. [D-CT-3], Rep. Bishop, Timothy H. [D-NY-1], Sen. Peters, Gary C. [D-MI], Rep. Rothman, Steven R. [D-NJ-9], Rep. Lowey, Nita M. [D-NY-17], Rep. Garamendi, John [D-CA-8], Rep. Quigley, Mike [D-IL-5], Rep. Lofgren, Zoe [D-CA-18], Rep. Honda, Michael M. [D-CA-15]

Subjects

Taxation

Source updated

6 December 2025

Taxation

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Summary

End Big Oil Tax Subsidies Act of 2011- 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. Limits or denies the foreign tax credit and tax deferrals for amounts paid or accrued by a dual capacity taxpayer to a foreign country or U.S. possession for any period with respect to combined foreign oil and gas income. Defines "dual capacity taxpayer" as a person who is subject to a levy of a foreign country or U.S. possession and receives (or will receive) directly or indirectly a specific economic benefit from such county or possession..

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

Timeline

  1. 10 February 2011

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 10 February 2011

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 10 February 2011

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 10 February 2011

    Introduced

    Sponsor introductory remarks on measure. (CR E192)

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 10 February 2011

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  • Introduced in House (PDF)

    Introduced in House · EN · 10 February 2011

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  • Introduced in House

    summary · EN · 10 February 2011

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Sponsors

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Sources

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