Pain at the Pump Act

Bill: 112-hr-1959
Sponsor: Rep. Tonko, Paul [D-NY-21]
Introduced: 2011-05-24 in the House
Policy area: Taxation
Subjects: Advanced technology and technological innovations
Alternative and renewable resources
Business investment and capital
Electric power generation and transmission
Energy assistance for the poor and aged
Energy efficiency and conservation
Energy research
Government lending and loan guarantees
Income tax credits
Income tax deductions
Oil and gas
Product development and innovation
Research and development
Residential rehabilitation and home repair

Summary:
action_date: 2011-05-24
text: 
Pain at the Pump Act - 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 the required amortization period for geological and geophysical expenditures.
 
Expresses the sense of Congress that increases in revenue resulting from this Act should be used to make additional expenditures for clean energy programs, including for alternative fuel technology, research and development, clean energy loan guarantees, and low-income home energy assistance.


Legislative actions:
action_date: 2011-09-08
text: Referred to the Subcommittee on Higher Education and Workforce Training.
action_date: 2011-06-09
text: Referred to the Subcommittee on Energy and Environment.
action_date: 2011-06-03
text: Referred to the Subcommittee on Energy and Power.
action_date: 2011-05-24
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Science, Space, and Technology, and Education and the Workforce, 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: 2011-05-24
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Science, Space, and Technology, and Education and the Workforce, 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: 2011-05-24
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Science, Space, and Technology, and Education and the Workforce, 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: 2011-05-24
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Science, Space, and Technology, and Education and the Workforce, 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: 2011-05-24
text: Introduced in House
action_date: 2011-05-24
text: Introduced in House