HR 1959

112th CONGRESS
1st Session

H. R. 1959

To deny certain tax benefits to oil and gas companies and to invest the savings in clean energy programs.

IN THE HOUSE OF REPRESENTATIVES

May 24, 2011

Mr. TONKO introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Science, Space, and Technology, and Education and the Workforce, 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


A BILL

To deny certain tax benefits to oil and gas companies and to invest the savings in clean energy programs.

SECTION 1. SHORT TITLE.

TITLE I--DENIAL OF CERTAIN TAX BENEFITS TO OIL AND GAS COMPANIES

SEC. 101. REPEAL OF ENHANCED OIL RECOVERY CREDIT.

SEC. 102. REPEAL OF CREDIT FOR PRODUCING OIL AND GAS FROM MARGINAL WELLS.

SEC. 103. REPEAL OF EXPENSING OF INTANGIBLE DRILLING AND DEVELOPMENT COSTS.

SEC. 104. REPEAL OF DEDUCTION FOR TERTIARY INJECTANTS.

SEC. 105. REPEAL OF EXCEPTION TO PASSIVE LOSS LIMITATIONS FOR WORKING INTERESTS IN OIL AND GAS PROPERTIES.

SEC. 106. REPEAL OF PERCENTAGE DEPLETION FOR OIL AND GAS WELLS.

SEC. 107. DEDUCTION FOR INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES NOT ALLOWED WITH RESPECT TO OIL AND GAS ACTIVITIES.

SEC. 108. 7-YEAR AMORTIZATION FOR GEOLOGICAL AND GEOPHYSICAL EXPENDITURES.

TITLE II--INVESTMENT IN CLEAN ENERGY PROGRAMS

SEC. 201. INVESTMENT IN CLEAN ENERGY PROGRAMS.

END