3.0.0 341 2023-01-11T20:05:10Z 2023-01-11T20:05:10Z Senate S S 2007-01-22 110 ssfi00 Finance Committee Senate Standing Referred to 2007-01-22T18:24:06Z Energy Fairness for America Act 110 586 HR 2007-02-07 Referred to the Subcommittee on Energy and Mineral Resources. Identical bill CRS Text similarities House 2007-01-22 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-01-22 Introduced in Senate IntroReferral 10000 9 Library of Congress K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES N Taxation Alaska Commerce Corporation taxes Depletion allowances Electric power transmission Energy Energy transportation Foreign tax credit Gas in submerged lands Geology Geophysical prediction Gulf of Mexico Income tax Inventories Marine and coastal resources, fisheries Natural gas Oil and gas royalties Oil well drilling Petroleum in submerged lands Petroleum industry Petroleum refineries Pipelines Submarine oil well drilling Tax administration Tax credits Tax deductions Tax deferral Taxation of foreign income Transportation and Public Works Taxation 00 2007-01-22 Introduced in Senate 2007-02-16T22:14:14Z 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) Alaska offshore royalty suspension; (7) accelerated depreciation of electric transmission property, natural gas distribution lines, and natural gas gathering lines and expensing of liquid fuel refinery property; (8) the exemption of small oil refiners from limitations on the oil depletion allowance; and (9) 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.

]]> Energy Fairness for America Act Official Title as Introduced A bill to restore fairness in the provision of incentives for oil and gas production, and for other purposes. Introduced in Senate IS Display Title Energy Fairness for America Act Short Titles as Introduced Energy Fairness for America Act Introduced in Senate 2007-01-22T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s341is/xml/BILLS-110s341is.xml 2007-01-22 Read twice and referred to the Committee on Finance. 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.