United States · Bill · S
S. 5216 (117th)
Close Big Oil Tax Loopholes Act
Introduced
8 December 2022
Last action
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Status
Read twice and referred to the Committee on Finance.
Sponsors
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Subjects
Discovery layer
Source updated
3 January 2025
Summary
Close Big Oil Tax Loopholes Act This bill limits or repeals tax and royalty relief provisions that benefit certain large oil companies. It modifies foreign tax credit rules applicable to such companies and limits deductions for intangible drilling and development costs, percentage depletion, enhanced oil recovery, and other tax preferences. The bill repeals the outer Continental Shelf deep water and deep gas royalty relief provisions. Any savings resulting from this bill must be used for federal budget deficit reduction or, if there is no current budget deficit, for reducing the federal debt.
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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 · 8 December 2022
Introduced in Senate (PDF)
Introduced in Senate · EN · 8 December 2022
Introduced in Senate
summary · EN · 8 December 2022
Sponsors
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Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/117th-congress/senate-bill/5216
- Open data entity: https://api.congress.gov/v3/bill/117/s/5216