S 552
112th Congress
Senate
Taxation
Business investment and capital
Income tax deductions
Income tax rates
Oil and gas
Emergency Deficit Reduction Act
Introduced: March 10, 2011
Introduced by:
Sanders, Bernard
Independent
· Vermont
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 10, 2011
Read twice and referred to the Committee on Finance.
Mar 10, 2011
Sponsor introductory remarks on measure. (CR S1555-1557)
Mar 10, 2011
Introduced in Senate
Plain-English summary
Emergency Deficit Reduction Act - Amends the Internal Revenue Code to: (1) impose an additional 5.4% tax on individual taxpayers whose modified adjusted gross income exceeds $1 million ($2 million in the case of a joint return); (2) repeal the amortization of intangible and drilling and development costs for oil, gas, and geothermal wells; (3) repeal the percentage depletion allowance for oil and gas wells; and (4) deny a tax deduction for income attributable to the domestic production of oil, natural gas, or primary products thereof.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1