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HR 5234 109th Congress House Taxation Accounting Commerce Corporation taxes Depletion allowances Depreciation and amortization Energy Energy development Finance and Financial Sector Foreign Trade and International Finance Foreign tax credit Gas industry Income tax Natural gas Oil well drilling Petroleum Petroleum industry Petroleum refineries Prospecting Small business

Oil Subsidy Elimination Act of 2006

Introduced: April 27, 2006 Introduced by: Larson, John B. Democratic · Connecticut See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 27, 2006
Referred to the House Committee on Ways and Means.
Apr 27, 2006
Introduced in House
 Plain-English summary Congressional Research Service

Oil Subsidy Elimination Act of 2006 - Requires oil companies with annual gross receipts of $1 billion or more and average daily crude oil production levels of at least 500,000 barrels (defined as large integrated oil companies) to revalue, according to a specified formula, their 2005 LIFO inventories of crude oil, natural gas, or other petroleum products.

Amends the Internal Revenue Code to deny large integrated oil companies: (1) amortization of geological and geophysical expenditures; and (2) foreign tax credits for certain payments made to foreign countries.

Repeals provisions of the Energy Policy Act of 2005 relating to: (1) expensing of crude oil refinery property; (2) exemptions from limitations on oil depletion deductions for certain small crude oil refiners; and (3) amortization of geological and geophysical expenditures.

What's happening now April 27, 2006

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 4