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HR 2956 113th Congress House Taxation Budget deficits and national debt Energy revenues and royalties Gulf of Mexico Income tax credits Income tax deductions Marine and coastal resources, fisheries Oil and gas Taxation of foreign income

End Welfare for Big Oil Act of 2013

Introduced: August 1, 2013 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 9, 2013
Referred to the Subcommittee on Energy and Mineral Resources.
Aug 1, 2013
Referred to the Committee on Ways and Means, and in addition to the Committee on Natural Resources, 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.
Aug 1, 2013
Introduced in House
 Plain-English summary Congressional Research Service

End Welfare for Big Oil Act of 2013 - Amends the Internal Revenue Code to limit or repeal certain tax benefits for major integrated oil companies (defined as companies with annual gross receipts over $1 billion and an average daily worldwide production of crude oil of at least 500,000 barrels or certain successors in interest of such companies), including: (1) the foreign tax credit for companies that are dual capacity taxpayers; (2) the tax deduction for income attributable to the production, transportation, or distribution of oil, natural gas, or primary products thereof; (3) the tax deduction for intangible drilling and development costs; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for qualified tertiary injectant expenses.

Amends the Energy Policy Act of 2005 to repeal royalty relief (suspension of royalties) for: (1) natural gas production from deep wells in shallow waters of the Gulf of Mexico; and (2) deep water oil and gas production in the Western and Central Planning Area of the Gulf (including the portion of the Eastern Planning Area encompassing whole lease blocks lying west of 87 degrees, 30 minutes west longitude).

Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the federal debt.

What's happening now August 9, 2013

Referred to the Subcommittee on Energy and Mineral Resources.

 Committees of jurisdiction 3
 Cosponsors 2
All 2 Democratic 2