HR 3311
114th Congress
House
Taxation
Accounting and auditing
Business investment and capital
Income tax credits
Income tax deductions
Oil and gas
Tax administration and collection, taxpayers
Taxation of foreign income
End Oil and Gas Tax Subsidies Act of 2015
Introduced: July 29, 2015
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 29, 2015
Referred to the House Committee on Ways and Means.
Jul 29, 2015
Sponsor introductory remarks on measure. (CR E1181)
Jul 29, 2015
Introduced in House
Plain-English summary
End Oil and Gas Tax Subsidies Act of 2015
This bill amends the Internal Revenue Code to:
- increase to seven years the amortization period for geological and geophysical expenditures;
- repeal the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery;
- repeal the tax deduction for the intangible drilling and development costs of oil and gas wells;
- repeal percentage depletion for oil and gas wells;
- repeal the tax deduction for tertiary injectant expenses;
- repeal the passive loss exception for working interests in oil and gas property;
- deny the tax deduction for income attributable to domestic production activities for oil and gas activities;
- prohibit the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies; and
- limit the foreign tax credit for dual capacity taxpayers (i.e., taxpayers who are subject to a levy of a foreign country or U.S. possession and receive specific economic benefits from such country or possession).
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1