Energy Fairness for America Act

Bill: 109-hr-5300
Sponsor: Rep. Hinchey, Maurice D. [D-NY-22]
Introduced: 2006-05-04 in the House
Policy area: Taxation
Subjects: Alaska
Commerce
Corporation taxes
Depletion allowances
Electric power transmission
Energy
Foreign tax credit
Gas in submerged lands
Gas pipelines
Geology
Geophysical prediction
Gulf of Mexico
Income tax
Inventories
Marine and coastal resources, fisheries
Natural gas
Oil and gas royalties
Oil well drilling
Petroleum in submerged lands
Petroleum industry
Petroleum refineries
Submarine oil well drilling
Tax administration
Tax credits
Tax deductions
Tax deferral
Taxation of foreign income
Transportation and Public Works

Summary:
action_date: 2006-05-04
text: 
Energy Fairness for America Act - Amends the Internal Revenue Code to terminate: (1) the tax deduction for oil and gas intangible drilling and development costs; (2) the percentage depletion allowance for oil and gas wells; and (3) the tax credit for enhanced oil recovery costs.
 
Repeals provisions of the Energy Policy Act of 2005 relating to: (1) oil and gas royalties in-kind; (2) marginal property production incentives; (3) incentives for natural gas production in the Gulf of Mexico; (4) royalty suspension for deep water production; (5) the inventory of Outer Continental Shelf oil and natural gas resources; (6) the ultra-deepwater and unconventional natural gas and other petroleum resources program; (7) Alaska offshore royalty suspension; (8) accelerated depreciation of electric transmission property, natural gas distribution lines, and natural gas gathering lines and expensing of liquid fuel refinery property; (9) the exemption of small oil refiners from limitations on the oil depletion allowance; and (10) two-year amortization of geological and geophysical expenditures.
 
Requires certain large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum productions using a specified formula. 
 
Limits or denies the foreign tax credit and tax deferrals for dual capacity taxpayers (taxpayers receiving economic and tax benefits from certain foreign jurisdictions), foreign oil and gas income, and foreign oil and gas extraction income. 


Legislative actions:
action_date: 2006-05-16
text: Referred to the Subcommittee on Energy.
action_date: 2006-05-15
text: Referred to the Subcommittee on Energy and Mineral Resources.
action_date: 2006-05-15
text: Executive Comment Requested from Interior.
action_date: 2006-05-04
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Resources, and Science, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-05-04
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Resources, and Science, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-05-04
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Resources, and Science, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-05-04
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Resources, and Science, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-05-04
text: Introduced in House
action_date: 2006-05-04
text: Introduced in House