3.0.0 1813 2019-02-20T20:54:20Z 2019-02-23T23:04:51Z House H HR 2011-05-10 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. CONNOLLY of Virginia:H.R. 1813.Congress has the power to enact this legislation pursuantto the following:Article 1[Page H3161]]]> hswm00 Ways and Means Committee House Standing Referred to 2011-05-10T16:03:50Z End Big Oil Tax Subsidies Act of 2011 112 601 HR 2011-02-10 Referred to the House Committee on Ways and Means. Related bill CRS Clean Energy Jobs Act of 2011 112 851 HR 2011-03-01 Referred to the House Committee on Ways and Means. Related bill CRS Gas Tax Holiday Act 112 1889 HR 2011-05-12 Referred to the House Committee on Ways and Means. Related bill CRS 2011-05-10 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2011-05-10 Sponsor introductory remarks on measure. (CR H3117-3118) IntroReferral B00100 9 Library of Congress 2011-05-10 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-05-10 Introduced in House IntroReferral 1000 9 Library of Congress C001078 Rep. Connolly, Gerald E. [D-VA-11] Gerald Connolly D VA E. 11 N Taxation Accounting and auditing Business investment and capital Corporate finance and management Energy prices Income tax credits Income tax deductions Motor vehicles Oil and gas Taxation of foreign income Taxation 00 2011-05-10 Introduced in House 2011-06-23T15:16:25Z Gas Price Relief Act of 2011 - Directs the Secretary of the Treasury to distribute an equal amount of the revenues raised by this Act to each holder of a valid driver's license.

Amends the Internal Revenue Code to require seven-year amortization of the geological and geophysical expenditures of covered large oil companies. Defines "covered large oil company" as a taxpayer which is a major integrated oil company or which has gross receipts in excess of $50 million in a taxable year.

Denies certain tax benefits to any taxpayer that is not a small, independent oil and gas company, including: (1) the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery, (2) expensing of intangible drilling and development costs in the case of gas wells and geothermal wells, (3) percentage depletion, (4) the tax deduction for qualified tertiary injectant expenses, (5) the exemption from limitations on passive activity losses, and (6) the tax deduction for income attributable to domestic production activities.

Prohibits the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies.

Limits or denies the foreign tax credit and tax deferrals for amounts paid or accrued by a dual capacity taxpayer to a foreign country or U.S. possession for any period with respect to combined foreign oil and gas income. Defines "dual capacity taxpayer" as a person who is subject to a levy of a foreign country or U.S. possession and receives (or will receive) directly or indirectly a specific economic benefit from such county or possession.

]]> Gas Price Relief Act of 2011 Short Titles as Introduced Gas Price Relief Act of 2011 Display Title Gas Price Relief Act of 2011 Official Title as Introduced To amend the Internal Revenue Code of 1986 to deny tax benefits to large oil companies and distribute the amounts raised to licensed drivers in order to provide relief from high gas prices. Introduced in House 2011-05-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr1813ih/xml/BILLS-112hr1813ih.xml 2011-05-10 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.