HR 601

112th CONGRESS
1st Session

H. R. 601

To amend the Internal Revenue Code of 1986 to repeal fossil fuel subsidies for large oil companies.

IN THE HOUSE OF REPRESENTATIVES

February 10, 2011

Mr. BLUMENAUER (for himself, Mr. MARKEY, Mr. WELCH, Mr. POLIS, Mr. CONYERS, Mr. LANGEVIN, Ms. LEE of California, Mr. MORAN, Mr. HOLT, Mr. HINCHEY, Mr. GRIJALVA, Mr. GEORGE MILLER of California, Mr. STARK, Mr. MCDERMOTT, Mr. PRICE of North Carolina, Mrs. CAPPS, Ms. PINGREE of Maine, and Ms. SUTTON) 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 repeal fossil fuel subsidies for large oil companies.

SECTION 1. SHORT TITLE.

SEC. 2. AMORTIZATION OF GEOLOGICAL AND GEOPHYSICAL EXPENDITURES.

SEC. 3. PRODUCING OIL AND GAS FROM MARGINAL WELLS.

SEC. 4. ENHANCED OIL RECOVERY CREDIT.

SEC. 5. INTANGIBLE DRILLING AND DEVELOPMENT COSTS IN THE CASE OF OIL AND GAS WELLS.

SEC. 6. PERCENTAGE DEPLETION.

SEC. 7. TERTIARY INJECTANTS.

SEC. 8. PASSIVE ACTIVITY LOSSES AND CREDITS LIMITED.

SEC. 9. INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES.

SEC. 10. PROHIBITION ON USING LAST-IN, FIRST-OUT ACCOUNTING FOR MAJOR INTEGRATED OIL COMPANIES.

SEC. 11. MODIFICATIONS OF FOREIGN TAX CREDIT RULES APPLICABLE TO DUAL CAPACITY TAXPAYERS.

END