HR 4231 112th Congress House Taxation Business investment and capital Income tax credits Income tax deductions Motor vehicles Oil and gas

Gas Rebate Act of 2012

Introduced: March 21, 2012 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 21, 2012

Referred to the House Committee on Ways and Means.

Mar 21, 2012

Introduced in House

Plain-English summary Congressional Research Service

Gas Rebate Act of 2012 - 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 to seven years the required amortization period for geological and geophysical expenditures.

Allows registered motor vehicle owners a rebate against income tax based on their share of revenues saved from the repeal of the tax incentives for oil and gas companies by this Act.

What's happening now March 21, 2012

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1