United States · Bill · S
S. 2670 (109th)
Energy Fairness for America Act
Introduced
27 April 2006
Last action
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Status
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3712-3714)
Sponsors
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Subjects
Discovery layer
Source updated
15 August 2025
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.
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Documents
3 official files
Introduced in Senate (text)
Introduced in Senate (text)
Introduced in Senate · EN · 27 April 2006
Introduced in Senate (PDF)
Introduced in Senate · EN · 27 April 2006
Introduced in Senate
summary · EN · 27 April 2006
Sponsors
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Sources
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- Official source: https://www.congress.gov/bill/109th-congress/senate-bill/2670
- Open data entity: https://api.congress.gov/v3/bill/109/s/2670