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S 5216 117th Congress Senate Taxation

Close Big Oil Tax Loopholes Act

Introduced: December 8, 2022 See on congress.gov
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) 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
Dec 8, 2022
Read twice and referred to the Committee on Finance.
Dec 8, 2022
Introduced in Senate
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 Plain-English summary Congressional Research Service

Close Big Oil Tax Loopholes Act

This bill limits or repeals tax and royalty relief provisions that benefit certain large oil companies. It modifies foreign tax credit rules applicable to such companies and limits deductions for intangible drilling and development costs, percentage depletion, enhanced oil recovery, and other tax preferences.

The bill repeals the outer Continental Shelf deep water and deep gas royalty relief provisions.

Any savings resulting from this bill must be used for federal budget deficit reduction or, if there is no current budget deficit, for reducing the federal debt.

What's happening now December 8, 2022

Read twice and referred to the Committee on Finance.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 5
All 5 Democratic 5
D
Booker, Cory A.
New Jersey · Dec 8, 2022
 D
Hirono, Mazie K.
Hawaii · Dec 8, 2022
 D
Murray, Patty
Washington · Dec 8, 2022
 D
Padilla, Alex
California · Dec 8, 2022
 D
Shaheen, Jeanne
New Hampshire · Dec 8, 2022
Cite this page click to expand
APA
U.S. Congress. (2026). S. 5216: Close Big Oil Tax Loopholes Act. 117th Congress. Open America. https://openamerica.io/bill/117-S-5216/
MLA
"S. 5216: Close Big Oil Tax Loopholes Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-5216/.
Bluebook (legal)
S. 5216, 117th Cong. (2026), https://openamerica.io/bill/117-S-5216/.
Markdown link
[S. 5216: Close Big Oil Tax Loopholes Act](https://openamerica.io/bill/117-S-5216/)
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