3.0.0 888 2023-01-11T13:19:22Z 2023-01-11T13:19:22Z Senate S S 2009-04-23 111 ssfi00 Finance Committee Senate Standing Referred to 2009-04-23T21:30:12Z 2009-04-23 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2009-04-23 Introduced in Senate IntroReferral 10000 9 Library of Congress S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. N Taxation Alternative and renewable resources Business investment and capital Energy efficiency and conservation Energy research Government trust funds Income tax credits Income tax deductions Oil and gas Pipelines Taxation of foreign income Taxation 00 2009-04-23 Introduced in Senate 2009-05-18T19:54:01Z Oil Industry Tax Break Repeal Act of 2009- Amends the Internal Revenue Code to: (1) limit the oil depletion allowance; (2) 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 tertiary injectants, and the tax credits for enhanced oil recovery and for producing oil and gas from marginal wells; (3) classify natural gas gathering lines as 15-year property for depreciation purposes; and (4) deny large integrated oil companies the tax deduction for income attributable to the domestic production of oil, natural gas, or related products. Defines "large integrated oil companies" as companies with gross receipts in excess of $1 billion and average daily worldwide crude oil production of at least 500,000 barrels.

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 dedicates amounts in such Trust Fund to accelerating the use of clean domestic renewable energy and alternative fuels, promoting energy efficiency, and increasing research, development, and deployment of clean renewable energy and efficient technologies.

]]> Oil Industry Tax Break Repeal Act of 2009 Display Title Oil Industry Tax Break Repeal Act of 2009 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 Short Titles as Introduced Oil Industry Tax Break Repeal Act of 2009 Introduced in Senate 2009-04-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s888is/xml/BILLS-111s888is.xml 2009-04-23 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.