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HR 1959 112th Congress House Taxation Advanced technology and technological innovations Alternative and renewable resources Business investment and capital Electric power generation and transmission Energy assistance for the poor and aged Energy efficiency and conservation Energy research Government lending and loan guarantees Income tax credits Income tax deductions Oil and gas Product development and innovation Research and development Residential rehabilitation and home repair

Pain at the Pump Act

Introduced: May 24, 2011 Introduced by: Tonko, Paul Democratic · New York See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 8, 2011
Referred to the Subcommittee on Higher Education and Workforce Training.
Jun 9, 2011
Referred to the Subcommittee on Energy and Environment.
Jun 3, 2011
Referred to the Subcommittee on Energy and Power.
May 24, 2011
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Science, Space, and Technology, and Education and the Workforce, 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 24, 2011
Introduced in House
 Plain-English summary Congressional Research Service

Pain at the Pump Act - Amends the Internal Revenue Code to repeal certain tax incentives for oil and gas companies, including: (1) the tax credit for enhanced oil recovery, (2) the tax credit for producing oil and gas from marginal wells, (3) the expensing allowance for intangible drilling and development costs, (4) the tax deduction for tertiary injectant expenses, (5) the exception to passive loss limitations for working interests in oil and gas properties, and (6) percentage depletion for oil and gas wells.

Denies a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof. Extends the required amortization period for geological and geophysical expenditures.

Expresses the sense of Congress that increases in revenue resulting from this Act should be used to make additional expenditures for clean energy programs, including for alternative fuel technology, research and development, clean energy loan guarantees, and low-income home energy assistance.

What's happening now September 8, 2011

Referred to the Subcommittee on Higher Education and Workforce Training.

 Committees of jurisdiction 7
 Cosponsors 1
All 1 Democratic 1