HR 1813

112th CONGRESS
1st Session

H. R. 1813

To amend the Internal Revenue Code of 1986 to deny tax benefits to large oil companies and distribute the amounts raised to licensed drivers in order to provide relief from high gas prices.

IN THE HOUSE OF REPRESENTATIVES

May 10, 2011

Mr. CONNOLLY of Virginia introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to deny tax benefits to large oil companies and distribute the amounts raised to licensed drivers in order to provide relief from high gas prices.

SECTION 1. SHORT TITLE.

SEC. 2. DISTRIBUTION OF RESULTING REVENUES TO LICENSED DRIVERS.

SEC. 3. AMORTIZATION OF GEOLOGICAL AND GEOPHYSICAL EXPENDITURES.

SEC. 4. PRODUCING OIL AND GAS FROM MARGINAL WELLS.

SEC. 5. ENHANCED OIL RECOVERY CREDIT.

SEC. 6. INTANGIBLE DRILLING AND DEVELOPMENT COSTS IN THE CASE OF OIL AND GAS WELLS.

SEC. 7. PERCENTAGE DEPLETION.

SEC. 8. TERTIARY INJECTANTS.

SEC. 9. PASSIVE ACTIVITY LOSSES AND CREDITS LIMITED.

SEC. 10. INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES.

SEC. 11. PROHIBITION ON USING LAST-IN, FIRST-OUT ACCOUNTING FOR MAJOR INTEGRATED OIL COMPANIES.

SEC. 12. MODIFICATIONS OF FOREIGN TAX CREDIT RULES APPLICABLE TO DUAL CAPACITY TAXPAYERS.

END