SEC. 2. DISTRIBUTION OF RESULTING REVENUES TO LI-
CENSED DRIVERS. 
The Secretary of the Treasury shall distribute all of 
the revenues received by the United States each fiscal year 
as a result of the enactment of this Act, by payment in 
equal amount, to each holder of a valid driver’s license 
(as that term is defined in section 159 of title 23, United 
States Code). 
SEC. 
3. 
AMORTIZATION 
OF 
GEOLOGICAL 
AND 
GEO-
PHYSICAL EXPENDITURES. 
(a) IN GENERAL.—Subparagraph (A) of section 
167(h)(5) of the Internal Revenue Code of 1986 is amend-
ed by striking ‘‘major integrated oil company’’ and insert-
ing ‘‘covered large oil company’’. 
(b) COVERED LARGE OIL COMPANY.—Paragraph (5) 
of section 167(h) of such Code is amended by redesig-
nating subparagraph (B) as subparagraph (C) and by in-
serting after subparagraph (A) the following new subpara-
graph: 
‘‘(B) COVERED
LARGE
OIL
COMPANY.— 
For purposes of this paragraph, the term ‘cov-
ered large oil company’ means a taxpayer 
which— 
‘‘(i) is a major integrated oil com-
pany, or 
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‘‘(ii) has gross receipts in excess of 
$50,000,000 for the taxable year. 
For purposes of clause (ii), all persons treated 
as a single employer under subsections (a) and 
(b) of section 52 shall be treated as 1 person.’’. 
(c) CONFORMING AMENDMENT.—The heading for 
paragraph (5) of section 167(h) of such Code is amended 
by inserting ‘‘AND OTHER LARGE TAXPAYERS’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to amounts paid or incurred in tax-
able years beginning after December 31, 2011. 
SEC. 4. PRODUCING OIL AND GAS FROM MARGINAL WELLS. 
(a) IN GENERAL.—Section 45I of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new subsection: 
‘‘(e) EXCEPTION
FOR TAXPAYER WHO IS NOT 
SMALL, INDEPENDENT OIL AND GAS COMPANY.— 
‘‘(1) IN
GENERAL.—Subsection (a) shall not 
apply to any taxpayer which is not a small, inde-
pendent oil and gas company for the taxable year. 
‘‘(2) AGGREGATION
RULE.—For purposes of 
paragraph (1), all persons treated as a single em-
ployer under subsections (a) and (b) of section 52 
shall be treated as 1 person.’’. 
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(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply to credits determined for taxable 
years beginning after December 31, 2011. 
SEC. 5. ENHANCED OIL RECOVERY CREDIT. 
(a) IN GENERAL.—Section 43 of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new subsection: 
‘‘(f) EXCEPTION
FOR TAXPAYER WHO IS NOT 
SMALL, INDEPENDENT OIL AND GAS COMPANY.— 
‘‘(1) IN
GENERAL.—Subsection (a) shall not 
apply to any taxpayer which is not a small, inde-
pendent oil and gas company for the taxable year. 
‘‘(2) AGGREGATION
RULE.—For purposes of 
paragraph (1), all persons treated as a single em-
ployer under subsections (a) and (b) of section 52 
shall be treated as 1 person.’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to amounts paid or incurred in tax-
able years beginning after December 31, 2011. 
SEC. 6. INTANGIBLE DRILLING AND DEVELOPMENT COSTS 
IN THE CASE OF OIL AND GAS WELLS. 
(a) IN GENERAL.—Subsection (c) of section 263 of 
the Internal Revenue Code of 1986 is amended by adding 
at the end the following new sentence: ‘‘This subsection 
shall not apply to amounts paid or incurred by a taxpayer 
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in any taxable year in which such taxpayer is not a small, 
independent oil and gas company, determined by deeming 
all persons treated as a single employer under subsections 
(a) and (b) of section 52 as 1 person.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to amounts paid or incurred in tax-
able years beginning after December 31, 2011. 
SEC. 7. PERCENTAGE DEPLETION. 
(a) IN GENERAL.—Section 613A of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new subsection: 
‘‘(f) EXCEPTION
FOR TAXPAYER WHO IS NOT 
SMALL, INDEPENDENT OIL AND GAS COMPANY.— 
‘‘(1) IN
GENERAL.—This section and section 
611 shall not apply to any taxpayer which is not a 
small, independent oil and gas company for the tax-
able year. 
‘‘(2) AGGREGATION
RULE.—For purposes of 
paragraph (1), all persons treated as a single em-
ployer under subsections (a) and (b) of section 52 
shall be treated as 1 person.’’. 
(b) CONFORMING AMENDMENT.—Section 613A(c)(1) 
of such Code is amended by striking ‘‘subsection (d)’’ and 
inserting ‘‘subsections (d) and (f)’’. 
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(c) EFFECTIVE DATE.—The amendment made by 
this section shall apply to taxable years beginning after 
December 31, 2011. 
SEC. 8. TERTIARY INJECTANTS. 
(a) IN GENERAL.—Section 193 of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new subsection: 
‘‘(d) EXCEPTION
FOR TAXPAYER WHO IS NOT 
SMALL, INDEPENDENT OIL AND GAS COMPANY.— 
‘‘(1) IN
GENERAL.—Subsection (a) shall not 
apply to any taxpayer which is not a small, inde-
pendent oil and gas company for the taxable year. 
‘‘(2) EXCEPTION FOR QUALIFIED CARBON DI-
OXIDE
DISPOSED
IN
SECURE
GEOLOGICAL
STOR-
AGE.—Paragraph (1) shall not apply in the case of 
any qualified tertiary injectant expense paid or in-
curred for any tertiary injectant is qualified carbon 
dioxide (as defined in section 45Q(b)) which is dis-
posed of by the taxpayer in secure geological storage 
(as defined by section 45Q(d)). 
‘‘(3) AGGREGATION
RULE.—For purposes of 
paragraph (1), all persons treated as a single em-
ployer under subsections (a) and (b) of section 52 
shall be treated as 1 person.’’. 
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