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H.R. 3311

BillFederalHouseIn Committee
End Oil and Gas Tax Subsidies Act of 2015
About This Bill
Committee
Latest Action · July 29, 2015
Referred to the House Committee on Ways and Means.
Congress
114th (2015–2017)
Introduced
July 29, 2015
Cosponsors (21)
21D 0R
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Summary

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End Oil and Gas Tax Subsidies Act of 2015 This bill amends the Internal Revenue Code to: increase to seven years the amortization period for geological and geophysical expenditures; repeal the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery; repeal the tax deduction for the intangible drilling and development costs of oil and gas wells; repeal percentage depletion for oil and gas wells; repeal the tax deduction for tertiary injectant expenses; repeal the passive loss exception for working interests in oil and gas property; deny the tax deduction for income attributable to domestic production activities for oil and gas activities; prohibit the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies; and limit the foreign tax credit for dual capacity taxpayers (i.e., taxpayers who are subject to a levy of a foreign country or U.S. possession and receive specific economic benefits from such country or possession).

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