United States · Bill · S
S. 1504 (110th)
A bill to revalue the LIFO inventories of major integrated oil companies.
Introduced
24 May 2007
Last action
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Status
Read twice and referred to the Committee on Finance.
Sponsors
—
Subjects
Discovery layer
Source updated
14 January 2025
Summary
Requires major integrated oil companies (i.e., companies with annual gross receipts over $1 billion and average daily worldwide production of crude oil of at least 500,000 barrels) to revalue their LIFO inventories of crude oil, natural gas, or any other petroleum product according to a specified formula. Exempts such companies from any penalties for underpayment of estimated tax resulting from the revaluation of their LIFO inventories.
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Timeline
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Votes
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Versions
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Documents
3 official files
Introduced in Senate (text)
Introduced in Senate · EN · 24 May 2007
Introduced in Senate (PDF)
Introduced in Senate · EN · 24 May 2007
Introduced in Senate
summary · EN · 24 May 2007
Sponsors
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Related records
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Sources
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- Official source: https://www.congress.gov/bill/110th-congress/senate-bill/1504
- Open data entity: https://api.congress.gov/v3/bill/110/s/1504