Close Big Oil Tax Loopholes Act

Bill: 112-s-940
Sponsor: Sen. Menendez, Robert [D-NJ]
Introduced: 2011-05-10 in the Senate
Policy area: Energy
Subjects: Budget deficits and national debt
Energy prices
Energy revenues and royalties
Energy storage, supplies, demand
Income tax credits
Income tax deductions
Marine and coastal resources, fisheries
Motor fuels
Oil and gas
Taxation of foreign income

Summary:
action_date: 2011-05-10
text: 
Close Big Oil Tax Loopholes Act - Expresses the sense of the Senate that: (1) the President and Administration should be commended for recognizing the severity of high gas prices and for taking appropriate actions to help reduce gas prices; (2) Congress should take additional actions to complement the efforts of the President; (3) the Organization of Petroleum Exporting Countries (OPEC) should contribute to the stabilization of world oil markets and prices and reduce the burden of high gasoline prices by using existing idle oil production capacity to compensate for any supply shortages; and (4) U.S. economic, environmental, and national security depend on a sustained effort to reduce and eventually eliminate the dependence of the United States on oil.
 
Amends the Internal Revenue Code to deny to oil companies with gross receipts in excess of $1 billion in a taxable year and an average daily worldwide production of crude oil of at least 500,000 barrels a year: (1) a foreign tax credit if such company is a dual capacity taxpayer, as defined by this Act; (2) the tax deduction for income attributable to domestic production of oil, natural gas, or primary products thereof; (3) the tax deduction for intangible drilling and development costs; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for qualified tertiary injectant expenses.
 
Amends the Energy Policy Act of 2005 to repeal the authority of the Secretary of the Interior to grant royalty relief (suspension of royalties) for natural gas production from deep wells and deep water oil and gas production in the Outer Continental Shelf.
 
Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the public debt.
 
Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.


Legislative actions:
action_date: 2011-05-17
text: Motion to proceed to consideration of measure, under the order of 5/16/2011, not having achieved 60 votes in the affirmative, was withdrawn in Senate. (consideration: CR S3039)
action_date: 2011-05-17
text: Motion to proceed to consideration of measure, under the order of 5/16/2011, not having achieved 60 votes in the affirmative, was rejected in Senate by Yea-Nay Vote. 52 - 48. Record Vote Number: 72. (consideration: CR S3039)
action_date: 2011-05-17
text: Motion to proceed to consideration of measure by Senator Reid made in Senate. (consideration: CR S3013-3039)
action_date: 2011-05-11
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 42.
action_date: 2011-05-10
text: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2011-05-10
text: Introduced in Senate