Skip to main content
HR 5300 109th Congress House Taxation Alaska Commerce Corporation taxes Depletion allowances Electric power transmission Energy Foreign tax credit Gas in submerged lands Gas pipelines Geology Geophysical prediction Gulf of Mexico Income tax Inventories Marine and coastal resources, fisheries Natural gas Oil and gas royalties Oil well drilling Petroleum in submerged lands

Energy Fairness for America Act

Introduced: May 4, 2006 See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 16, 2006
Referred to the Subcommittee on Energy.
May 15, 2006
Referred to the Subcommittee on Energy and Mineral Resources.
May 15, 2006
Executive Comment Requested from Interior.
May 4, 2006
Referred to the Committee on Ways and Means, and in addition to the Committees on Resources, and Science, 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.
May 4, 2006
Introduced in House
 Plain-English summary Congressional Research Service

Energy Fairness for America Act - Amends the Internal Revenue Code to terminate: (1) the tax deduction for oil and gas intangible drilling and development costs; (2) the percentage depletion allowance for oil and gas wells; and (3) the tax credit for enhanced oil recovery costs.

Repeals provisions of the Energy Policy Act of 2005 relating to: (1) oil and gas royalties in-kind; (2) marginal property production incentives; (3) incentives for natural gas production in the Gulf of Mexico; (4) royalty suspension for deep water production; (5) the inventory of Outer Continental Shelf oil and natural gas resources; (6) the ultra-deepwater and unconventional natural gas and other petroleum resources program; (7) Alaska offshore royalty suspension; (8) accelerated depreciation of electric transmission property, natural gas distribution lines, and natural gas gathering lines and expensing of liquid fuel refinery property; (9) the exemption of small oil refiners from limitations on the oil depletion allowance; and (10) two-year amortization of geological and geophysical expenditures.

Requires certain large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum productions using a specified formula.

Limits or denies the foreign tax credit and tax deferrals for dual capacity taxpayers (taxpayers receiving economic and tax benefits from certain foreign jurisdictions), foreign oil and gas income, and foreign oil and gas extraction income.

What's happening now May 16, 2006

Referred to the Subcommittee on Energy.

 Committees of jurisdiction 5
 Cosponsors 6
All 6 Democratic 5 Independent 1