3.0.0 3405 2023-01-11T13:19:58Z 2023-01-11T13:19:58Z Senate S S 2010-05-24 111 ssfi00 Finance Committee Senate Standing Referred to 2010-05-24T22:35:58Z 2010-05-24 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2010-05-24 Introduced in Senate IntroReferral 10000 9 Library of Congress M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ N N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2010-05-24 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2010-05-24 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2010-05-26 False F000061 Sen. Feingold, Russell D. [D-WI] RUSSELL FEINGOLD D WI D. 2010-06-16 False Taxation Earth sciences Energy prices Gulf of Mexico Income tax credits Income tax deductions Marine and coastal resources, fisheries Oil and gas Sales and excise taxes Taxation of foreign income Taxation 00 2010-05-24 Introduced in Senate 2010-06-04T16:51:10Z Close Big Oil Tax Loopholes Act - Amends the Internal Revenue Code to deny to taxpayers with gross revenues in excess of $100 million in a taxable year (applicable large taxpayers): (1) the tax deduction for intangible drilling and development costs; (2) the tax deduction for qualified tertiary injectant expenses; (3) the exemption from restrictions on the deductibility of passive losses; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for income attributable to domestic production of oil, natural gas, or primary products thereof.

Requires applicable large taxpayers to amortize their geological and geophysical expenditures over a seven-year period.

Imposes on producers of taxable crude oil or natural gas a 13% excise tax on the removal price of such oil and natural gas produced from lands on the Outer Continental Shelf in the Gulf of Mexico. Allows a nonrefundable credit against such tax for royalties paid under federal law with respect to the production of such crude oil and natural gas.

Denies a foreign tax credit to any large integrated oil company that is subject to a levy of a foreign country or possession of the United States and receives an economic benefit from such country or possession (dual capacity taxpayer) if such country or possession does not impose a generally applicable income tax.

]]> Close Big Oil Tax Loopholes Act Display Title Close Big Oil Tax Loopholes Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to eliminate oil and gas company preferences. Introduced in Senate IS Short Titles as Introduced Close Big Oil Tax Loopholes Act Introduced in Senate 2010-05-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s3405is/xml/BILLS-111s3405is.xml 2010-05-24 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.