Big Oil Welfare Repeal Act of 2013

Bill: 113-hr-1426
Sponsor: full_name: Rep. Bishop, Timothy H. [D-NY-1]
Introduced: 2013-04-09
Policy area: Taxation
Subjects: Income tax deductions

Oil and gas
Latest action: action_date: 2013-04-09
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2013-04-09
action_desc: Introduced in House
text: <p>Big Oil Welfare Repeal Act of 2013 - Amends the Internal Revenue Code to eliminate the tax deduction for income attributable to domestic production activities for major integrated oil companies (companies that have an average daily worldwide production of crude oil of at least 500,000 barrels for a taxable year and gross receipts exceeding $1 billion for their last taxable year ending during 2005).<BR> </p>

tv_txt: I 113th CONGRESS 1st Session H. R. 1426 IN THE HOUSE OF REPRESENTATIVES April 9, 2013 Mr. Bishop of New York introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to disallow the deduction for income attributable to domestic production activities with respect to oil and gas activities of major integrated oil companies.

1. Short title This Act may be cited as the Big Oil Welfare Repeal Act of 2013 . 2. Deduction for income attributable to domestic production activities not allowed with respect to oil and gas activities of major integrated oil companies (a) In general Subparagraph (A) of section 199(d)(9) of the Internal Revenue Code of 1986 is amended by inserting (9 percent in the case of any major integrated oil company (as defined in section 167(h)(5)(B))) after 3 percent . (b) Effective date The amendment made by subsection (a) shall apply to taxable years beginning after the date of the enactment of this Act.