3.0.0 1889 2019-02-20T20:55:22Z 2019-02-23T20:34:19Z House H HR 2011-05-12 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SHULER:H.R. 1889.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1``The Congress shall have Power to lay and collect Taxes,Duties, Imposts and Excises, to pay the Debts and provide forthe common Defense and general Welfare of the United States;but all Duties, Imposts and Excises shall be uniformthroughout the United States.''[Page H3281]]]> hswm00 Ways and Means Committee House Standing Referred to 2011-05-12T14:03:35Z 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 Price Relief Act of 2011 112 1813 HR 2011-05-10 Referred to the House Committee on Ways and Means. Related bill CRS 2011-05-12 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2011-05-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-05-12 Introduced in House IntroReferral 1000 9 Library of Congress S001171 Rep. Shuler, Heath [D-NC-11] Heath Shuler D NC 11 N Taxation Accounting and auditing Budget deficits and national debt Business investment and capital Corporate finance and management Income tax credits Income tax deductions Motor fuels Oil and gas Sales and excise taxes Small business Taxation of foreign income Taxation 00 2011-05-12 Introduced in House 2012-08-17T18:47:33Z Gas Tax Holiday Act - Amends the Internal Revenue Code to suspend the excise tax on highway motor fuels for 45 days beginning 7 days after the enactment of this Act. Expresses the sense of Congress that consumers should immediately receive the benefit from the suspension of such tax (i.e., 18.4 cents per gallon tax reduction).

Denies or limits for any company that is not a small, independent oil and gas company certain tax benefits for one year, including: (1) amortization of geological and geophysical expenditures; (2) the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery costs; (3) the tax deductions for intangible drilling and development costs for oil and gas wells and for tertiary injectant expenses; (4) the percentage depletion allowance; (5) the exemption from limits on the deductibility of passive activity losses; and (6) the tax deduction for income attributable to domestic production activities relating to oil, natural gas, or any primary product thereof.

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.

Directs the Secretary of the Treasury to extend the one-year denial of tax benefits to any company that is not a small, independent oil and gas company if revenues raised during that period are insufficient to cover the cost of suspending the excise taxes on higway motor fuels.

]]> Gas Tax Holiday Act Short Titles as Introduced Gas Tax Holiday Act Display Title Gas Tax Holiday Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to suspend the excise tax on highway motor fuels, and for other purposes. Introduced in House 2011-05-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr1889ih/xml/BILLS-112hr1889ih.xml 2011-05-12 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.