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HR 1329 117th Congress House Taxation Department of the Treasury Energy assistance for the poor and aged Executive agency funding and structure Government trust funds Income tax credits Income tax deductions Oil and gas Roads and highways Taxation of foreign income Transportation programs funding

Surface Transportation Investment Act of 2021

Introduced: February 25, 2021 Introduced by: Brownley, Julia Democratic · California 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
Feb 26, 2021
Referred to the Subcommittee on Highways and Transit.
Feb 25, 2021
Referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, 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.
Feb 25, 2021
Introduced in House
 Plain-English summary Congressional Research Service

Surface Transportation Investment Act of 2021

This bill limits or repeals certain tax benefits for major integrated oil companies, including (1) the foreign tax credit for companies that are dual capacity taxpayers, (2) the tax deduction for intangible drilling and development costs, (3) the percentage depletion allowance for oil and gas wells, and (4) the tax deduction for qualified tertiary injectant expenses.

The bill modifies the definition of major integrated oil company to include certain successors in interest that control more than 50% of the crude oil production or natural gas production of the company.

The bill establishes a Transportation Block Grant Fund and appropriates to the fund amounts equal to the increase in revenues as a result of this bill. The funds must be used for making grants under the Surface Transportation Block Grant Program.

What's happening now February 26, 2021

Referred to the Subcommittee on Highways and Transit.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Democratic 1