3.0.0 5234 2023-01-13T04:48:42Z 2023-01-13T04:48:42Z House H HR 2006-04-27 109 hswm00 Ways and Means Committee House Standing Referred to 2006-04-27T13:08:25Z 2006-04-27 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2006-04-27 Introduced in House IntroReferral Intro-H 9 Library of Congress 2006-04-27 Introduced in House IntroReferral 1000 9 Library of Congress L000557 Rep. Larson, John B. [D-CT-1] JOHN LARSON D CT B. 1 N M000404 Rep. McDermott, Jim [D-WA-7] JIM MCDERMOTT D WA 7 2006-04-27 True H000627 Rep. Hinchey, Maurice D. [D-NY-22] MAURICE HINCHEY D NY D. 22 2006-04-27 True A000357 Rep. Allen, Thomas H. [D-ME-1] THOMAS ALLEN D ME H. 1 2006-04-27 True H000762 Rep. Hooley, Darlene [D-OR-5] DARLENE HOOLEY D OR 5 2006-04-27 True G000551 Rep. Grijalva, Raúl M. [D-AZ-7] Raúl Grijalva D AZ M. 7 2006-04-27 True D000216 Rep. DeLauro, Rosa L. [D-CT-3] ROSA DELAURO D CT 3 2006-04-27 True H001034 Rep. Honda, Michael M. [D-CA-15] MICHAEL HONDA D CA M. 15 2006-04-27 True N000002 Rep. Nadler, Jerrold [D-NY-8] JERROLD NADLER D NY 8 2006-04-27 True L000551 Rep. Lee, Barbara [D-CA-9] BARBARA LEE D CA 9 2006-04-27 True F000339 Rep. Frank, Barney [D-MA-4] BARNEY FRANK D MA 4 2006-05-04 False M000312 Rep. McGovern, James P. [D-MA-3] JAMES MCGOVERN D MA P. 3 2006-05-04 False B001231 Rep. Berkley, Shelley [D-NV-1] SHELLEY BERKLEY D NV 1 2006-05-04 False W000314 Rep. Wexler, Robert [D-FL-19] ROBERT WEXLER D FL 19 2006-05-10 False G000309 Rep. Gordon, Bart [D-TN-6] BART GORDON D TN 6 2006-05-10 False S000810 Rep. Stark, Fortney Pete [D-CA-13] PETE STARK D CA 13 2006-05-11 False C000714 Rep. Conyers, John, Jr. [D-MI-14] JOHN CONYERS D MI 14 2006-06-16 False D000482 Rep. Doyle, Michael F. [D-PA-14] MIKE DOYLE D PA 14 2006-09-07 False J000032 Rep. Jackson-Lee, Sheila [D-TX-18] SHEILA JACKSON-LEE D TX 18 2006-09-07 False M001163 Rep. Matsui, Doris O. [D-CA-5] Doris Matsui D CA O. 5 2006-09-12 False Taxation Accounting Commerce Corporation taxes Depletion allowances Depreciation and amortization Energy Energy development Finance and Financial Sector Foreign Trade and International Finance Foreign tax credit Gas industry Income tax Natural gas Oil well drilling Petroleum Petroleum industry Petroleum refineries Prospecting Small business Subsidies Tax deductions Tax penalties Tax rates Valuation Taxation 00 2006-04-27 Introduced in House 2006-05-19T19:44:37Z Oil Subsidy Elimination Act of 2006 - Requires oil companies with annual gross receipts of $1 billion or more and average daily crude oil production levels of at least 500,000 barrels (defined as large integrated oil companies) to revalue, according to a specified formula, their 2005 LIFO inventories of crude oil, natural gas, or other petroleum products.

Amends the Internal Revenue Code to deny large integrated oil companies: (1) amortization of geological and geophysical expenditures; and (2) foreign tax credits for certain payments made to foreign countries.

Repeals provisions of the Energy Policy Act of 2005 relating to: (1) expensing of crude oil refinery property; (2) exemptions from limitations on oil depletion deductions for certain small crude oil refiners; and (3) amortization of geological and geophysical expenditures.

]]> Oil Subsidy Elimination Act of 2006 Display Title Oil Subsidy Elimination Act of 2006 Official Title as Introduced To amend the Internal Revenue Code of 1986 to repeal certain tax incentives for oil companies. Introduced in House IH Short Titles as Introduced Oil Subsidy Elimination Act of 2006 Introduced in House 2006-04-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr5234ih/xml/BILLS-109hr5234ih.xml 2006-04-27 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.