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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: May 30, 2012 See on congress.gov
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This bill died when the 112th Congress ended
It never became law before the 112th Congress (2011–2012) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 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.

 Related & companion bills 1
  • HR 1959 Related bill Pain at the Pump Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 8
All 8 Democratic 6
D
Schakowsky, Janice D.
Illinois · May 30, 2012
SLAUGHTER, LOUISE
· May 30, 2012
 D
Welch, Peter
Vermont · Mar 22, 2012
 D
Carson, André
Indiana · Mar 21, 2012
 D
Chu, Judy
California · Mar 21, 2012
JACKSON, JESSE
· Mar 21, 2012
 D
Schiff, Adam B.
California · Mar 21, 2012
 D
Van Hollen, Chris
Maryland · Mar 21, 2012
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 4231: Gas Rebate Act of 2012. 112th Congress. Open America. https://openamerica.io/bill/112-HR-4231/
MLA
"H.R. 4231: Gas Rebate Act of 2012." 112th Congress, 2026, Open America, https://openamerica.io/bill/112-HR-4231/.
Bluebook (legal)
H.R. 4231, 112th Cong. (2026), https://openamerica.io/bill/112-HR-4231/.
Markdown link
[H.R. 4231: Gas Rebate Act of 2012](https://openamerica.io/bill/112-HR-4231/)
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