3.0.0 666 2023-01-11T19:57:39Z 2023-01-11T19:57:39Z Senate S S 2007-02-16 110 ssfi00 Finance Committee Senate Standing Referred to 2007-02-16T22:47:14Z 2007-02-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-02-16 Introduced in Senate IntroReferral 10000 9 Library of Congress S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. N Taxation Accounting Alaska Alternative energy sources Commerce Depletion allowances Depreciation and amortization Economics and Public Finance Energy Energy efficiency Energy research Energy transportation Finance and Financial Sector Foreign tax credit Gas industry Geology Geophysical prediction Government trust funds Income tax Inventories Natural gas Oil well drilling Petroleum industry Pipelines Research and development Science, Technology, Communications Tax credits Tax deductions Valuation Taxation 00 2007-02-16 Introduced in Senate 2007-03-19T19:14:29Z Oil Industry Tax Break Repeal Act of 2007 - Amends the Internal Revenue Code to: (1) increase the amortization period for the geological and geophysical expenditures of certain large integrated oil companies (defined as having an average daily worldwide crude oil production level of at least 500,000 barrels and more than $1 billion in gross receipts) from five to seven years; (2) limit the oil depletion allowance; (3) terminate accelerated depreciation of natural gas distribution lines and Alaska natural gas pipelines, expensing of equipment used in refining of liquid fuels, the tax deduction for intangible drilling and development costs, and the tax credits for enhanced oil recovery and for producing oil and gas from marginal wells; (4) classify natural gas gathering lines as 15-year property for depreciation purposes; and (5) deny large integrated oil companies the tax deduction for income attributable to the domestic production of oil, natural gas, or related products.

Requires large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum products according to a specified formula. Denies such oil companies a foreign tax credit for payments to certain foreign countries from which they receive a specified economic benefit as a dual capacity taxpayer.

Establishes in the Treasury the Energy Trust Fund and directs the transfer to such Fund of revenues resulting from the repeal of oil industry tax benefits by this Act.

]]> Oil Industry Tax Break Repeal Act of 2007 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to terminate certain incentives for oil and gas. Introduced in Senate IS Display Title Oil Industry Tax Break Repeal Act of 2007 Short Titles as Introduced Oil Industry Tax Break Repeal Act of 2007 Introduced in Senate 2007-02-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s666is/xml/BILLS-110s666is.xml 2007-02-16 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.