3.0.0 1710 2023-01-11T13:38:48Z 2023-01-11T13:38:48Z Senate S 2017-08-02 115 ssfi00 Finance Committee Senate Standing Referred to 2017-08-02T19:57:45Z SHELTER Act of 2018 115 7375 HR 2018-12-20 Referred to the Committee on Ways and Means, and in addition to the Committees on Natural Resources, Financial Services, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Related bill CRS 2017-08-02 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-08-02 Introduced in Senate IntroReferral 10000 9 Library of Congress M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ N B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2017-08-02 True L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2017-08-02 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2017-08-02 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2017-08-02 True N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2017-08-02 True F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2017-08-02 True S001181 Sen. Shaheen, Jeanne [D-NH] Jeanne Shaheen D NH 2017-08-02 True P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI 2017-08-02 True H001076 Sen. Hassan, Margaret Wood [D-NH] Maggie Hassan D NH 2017-08-02 True C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2017-08-02 True R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2017-08-02 True M001111 Sen. Murray, Patty [D-WA] Patty Murray D WA 2017-08-02 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2017-08-02 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2017-08-02 True K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2017-08-02 True F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2017-08-02 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2017-08-02 True M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. 2017-08-02 True H001042 Sen. Hirono, Mazie K. [D-HI] Mazie Hirono D HI K. 2017-08-02 True H001075 Sen. Harris, Kamala D. [D-CA] Kamala Harris D CA D. 2017-08-02 True B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2017-08-02 True W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. 2018-02-27 False Taxation Budget deficits and national debt Energy revenues and royalties Income tax credits Income tax deductions Marine and coastal resources, fisheries Oil and gas Taxation of foreign income Taxation 00 2017-08-02 Introduced in Senate 2017-09-05T15:12:48Z Close Big Oil Tax Loopholes Act

This bill amends the Internal Revenue Code to limit or repeal certain tax benefits for major integrated oil companies (certain companies with annual gross receipts over $1 billion and an average daily worldwide production of crude oil of at least 500,000 barrels), including: (1) the foreign tax credit for companies that are dual capacity taxpayers; (2) the tax deduction for income attributable to the production, refining, processing, transportation, or distribution of oil, natural gas, or primary products thereof; (3) the tax deduction for intangible drilling and development costs; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for qualified tertiary injectant expenses.

The bill modifies the definition of "major integrated oil company" to include certain successors in interest that control more than 50% of the crude oil production or natural gas production of the company.

The bill also amends the Energy Policy Act of 2005 to repeal royalty relief (suspension of royalties) for: (1) natural gas production from deep wells in shallow waters of the Gulf of Mexico; and (2) deep water oil and gas production in the Western and Central Planning Area of the Gulf (including the portion of the Eastern Planning Area encompassing whole lease blocks lying west of 87 degrees, 30 minutes west longitude).

Any net savings that occur as a result of this bill must be used for reducing the federal budget deficit or the federal debt.

]]> Close Big Oil Tax Loopholes Act Display Title Close Big Oil Tax Loopholes Act Short Titles as Introduced Close Big Oil Tax Loopholes Act Official Title as Introduced A bill to reduce the Federal budget deficit by closing big oil tax loopholes, and for other purposes. Introduced in Senate 2017-08-02T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1710is/xml/BILLS-115s1710is.xml 2017-08-02 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.