Skip to content
PoliticalRepoPoliticalRepo

United States · Bill · S

S. 940 (112th)

Close Big Oil Tax Loopholes Act

openUnited States· United States Congress· EN

Introduced

10 May 2011

Last action

17 May 2011 · Floor

Status

Motion to proceed to consideration of measure, under the order of 5/16/2011, not having achieved 60 votes in the affirmative, was withdrawn in Senate. (consideration: CR S3039)

Sponsors

Sen. Menendez, Robert [D-NJ], Sen. McCaskill, Claire [D-MO], Sen. Tester, Jon [D-MT], Sen. Brown, Sherrod [D-OH], Sen. Reid, Harry [D-NV], Sen. Durbin, Richard J. [D-IL], Sen. Schumer, Charles E. [D-NY], Sen. Murray, Patty [D-WA], Sen. Leahy, Patrick J. [D-VT], Sen. Reed, Jack [D-RI], Sen. Nelson, Bill [D-FL], Sen. Lautenberg, Frank R. [D-NJ], Sen. Whitehouse, Sheldon [D-RI], Sen. Boxer, Barbara [D-CA], Sen. Mikulski, Barbara A. [D-MD], Sen. Gillibrand, Kirsten E. [D-NY], Sen. Coons, Christopher A. [D-DE], Sen. Rockefeller, John D., IV [D-WV], Sen. Blumenthal, Richard [D-CT], Sen. Franken, Al [D-MN], Sen. Cardin, Benjamin L. [D-MD], Sen. Stabenow, Debbie [D-MI], Sen. Merkley, Jeff [D-OR], Sen. Johnson, Tim [D-SD], Sen. Sanders, Bernard [I-VT], Sen. Shaheen, Jeanne [D-NH], Sen. Feinstein, Dianne [D-CA], Sen. Klobuchar, Amy [D-MN], Sen. Casey, Robert P., Jr. [D-PA]

Subjects

Environment, Energy, Taxation, Budget

Source updated

14 August 2025

Environment · Energy · Taxation · Budget

Official sourceDownload fileView documentsShare

Summary

Close Big Oil Tax Loopholes Act - Expresses the sense of the Senate that: (1) the President and Administration should be commended for recognizing the severity of high gas prices and for taking appropriate actions to help reduce gas prices; (2) Congress should take additional actions to complement the efforts of the President; (3) the Organization of Petroleum Exporting Countries (OPEC) should contribute to the stabilization of world oil markets and prices and reduce the burden of high gasoline prices by using existing idle oil production capacity to compensate for any supply shortages; and (4) U.S. economic, environmental, and national security depend on a sustained effort to reduce and eventually eliminate the dependence of the United States on oil. Amends the Internal Revenue Code to deny to oil companies with gross receipts in excess of $1 billion in a taxable year and an average daily worldwide production of crude oil of at least 500,000 barrels a year: (1) a foreign tax credit if such company is a dual capacity taxpayer, as defined by this Act; (2) the tax deduction for income attributable to domestic production of oil, natural gas, or primary products thereof; (3) the tax deduction for intangible drilling and development costs; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for qualified tertiary injectant expenses. Amends the Energy Policy Act of 2005 to repeal the authority of the Secretary of the Interior to grant royalty relief (suspension of royalties) for natural gas production from deep wells and deep water oil and gas production in the Outer Continental Shelf. Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the public debt. Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

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

Timeline

  1. 10 May 2011

    Introduced

    Introduced in Senate

    Source: IntroReferral

  2. 10 May 2011

    Introduced

    Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

    Source: Calendars

  3. 11 May 2011

    Calendars

    Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 42.

    Source: Calendars

  4. 17 May 2011

    Floor

    Motion to proceed to consideration of measure by Senator Reid made in Senate. (consideration: CR S3013-3039)

    Source: Floor

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Placed on Calendar Senate (text)

View fileDownload file

This file cannot be previewed here. Use View or Download.

Leesvertaling

Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Placed on Calendar Senate (text)

    Placed on Calendar Senate · EN · 11 May 2011

    ViewDownloadOpen at official source

  • Placed on Calendar Senate (PDF)

    Placed on Calendar Senate · EN · 11 May 2011

    ViewDownloadOpen at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Introduced in Senate

    summary · EN · 10 May 2011

    Open at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

Related records

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.