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United States · Bill · S

S. 2670 (109th)

Energy Fairness for America Act

referredUnited States· United States Congress· EN

Introduced

27 April 2006

Last action

27 April 2006 · Introduced

Status

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3712-3714)

Sponsors

Sen. Kerry, John F. [D-MA], Sen. Kohl, Herb [D-WI], Sen. Lieberman, Joseph I. [ID-CT]

Subjects

Energy, Taxation

Source updated

15 August 2025

Energy · Taxation

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. 27 April 2006

    Introduced

    Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3712-3714)

    Source: IntroReferral

  2. 27 April 2006

    Introduced

    Sponsor introductory remarks on measure. (CR S3711-3712)

    Source: IntroReferral

  3. 27 April 2006

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 27 April 2006

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 27 April 2006

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 27 April 2006

    Open at official source

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Sponsors

Related records

Sources

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