Gas Rebate Act of 2012 - Amends the Internal Revenue Code to repeal certain tax incentives for oil and gas companies, including: (1) the tax credit for enhanced oil recovery, (2) the tax credit for producing oil and gas from marginal wells, (3) the expensing allowance for intangible drilling and development costs, (4) the tax deduction for tertiary injectant expenses, (5) the exception to passive loss limitations for working interests in oil and gas properties, and (6) percentage depletion for oil and gas wells.
Denies a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof. Extends to seven years the required amortization period for geological and geophysical expenditures.
Allows registered motor vehicle owners a rebate against income tax based on their share of revenues saved from the repeal of the tax incentives for oil and gas companies by this Act.
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