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S. 1087

BillFederalSenateIn Committee
Energy Fairness for America Act
About This Bill
Committee
Latest Action · May 20, 2009
Read twice and referred to the Committee on Finance.
Congress
111th (2009–2011)
Introduced
May 20, 2009
Cosponsors (0)
None
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Summary

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Energy Fairness for America Act - Amends the Internal Revenue Code to: (1) deny a tax deduction for income attributable to the domestic production of oil, natural gas, or related products; (2) terminate the tax credit for producing crude oil and gas from marginal wells; (3) repeal the exception from passive activity rules for working interests in oil or gas property; (4) extend to seven years the amortization period for geological and geophysical expenditures; (5) terminate the tax deduction for intangible drilling and development costs; and (6) terminate the percentage depletion allowance for oil and gas wells.

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