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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Consumer Lending Education And
Reform Act'' and the ''C.L.E.A.R. Act''.

SEC. 2. PROTECTIONS FOR CONSUMERS.

(a) In General.--Chapter 2 of the Truth in Lending Act (15 U.S.C.
1631 et seq.) is amended by inserting after section 129A the following
new section:
''Sec. 129B Protections for consumers
''(a) Definitions.--For purposes of this section, the following
definitions shall apply:
''(1) Affiliate.--The term 'affiliate' has the same meaning
as in section 129(k).
''(2) Electronic signature.--The term 'electronic
signature' means a signatures in digital or other electronic
form that meets the validity requirements of the Electronic
Signatures in Global and National Commerce Act.
''(3) Extended payment plan.--The term 'extended payment
plan' means an amendment to the payday loan that is signed in
person or electronically by both the consumer and the creditor
reflecting an agreement that the consumer pay the outstanding
balance on a payday loan in 4 equal payments, where the period
between each payment may not be less than the duration of the
original payday loan.
''(4) Home state.--
''(A) In general.--The term 'home State' means,
with respect to any creditor or any affiliate of a
creditor, the State in which the primary home office of
the creditor or any affiliate of the creditor is
located.
''(B) Home office.--The term 'home office' means
the office that houses a majority of the applicable
party's day-to-day management and administrative
support functions.
''(5) Interest and fees.--
''(A) In general.--Except as provided in
subparagraph (B), the term 'interest and fees' includes
any charge payable directly or indirectly by the
consumer and imposed directly or indirectly by the
creditor as an incident to or a condition of the
extension of credit.
''(B) Charges not included.--The term 'interest and
fees' does not include--
''(i) any charge for a default,
delinquency, or similar occurrence; or
''(ii) any charge imposed when, if for any
reason, funds are not made available to pay an
item or authorization delivered to the creditor
in the manner described in subparagraph (A) or
(B) of paragraph (1) to the extent that--
''(I) the charge does not exceed
the greater of $25 or the amount
charged to the creditor by the
creditor's financial institution; and
''(II) the charge is only imposed
once per each item or authorization
regardless of whether the item or
authorization is presented for payment
more than once.
''(6) Loan store.--The term 'loan store' means each
location operated by a creditor at which applications for
payday loans are received or the proceeds of payday loans are
disbursed.
''(7) Payday loan; loan.--The terms 'payday loan' and
'loan' mean a closed-end credit transaction, evidenced by a
loan agreement signed by the creditor and the consumer, in
person or electronically, unsecured by any interest in the
consumer's tangible personal property with a term of at least 7
and not more than 90 days in which the amount financed does not
exceed $2,000 with a finance charge exceeding an annual
percentage rate of 36 percent, and the consumer--
''(A) receives funds from and incurs interest or a
fee payable to a creditor, and contemporaneously with
the receipt of funds, provides a check or other payment
instrument to the creditor who agrees with the consumer
not to deposit or present the check or payment
instrument for more than 1 day; or
''(B) receives funds from and incurs interest or a
fee payable to a creditor, and contemporaneously with
the receipt of funds, authorized the creditor to
initiate a debt or debits to the consumer's deposit
account (by electronic fund transfer or remotely
created check) after 1 or more days.
''(8) Payday lender.--The term 'payday lender' means any
creditor with respect to a payday loan.
''(9) Refinancing.--The term 'refinancing' means the use of
the proceeds of 1 payday loan obtained from a creditor to pay
off any amount due to that creditor.
''(b) Protections for Consumers.--
''(1) Interest and fee cap.--A payday lender may not--
''(A) require a consumer to pay--
''(i) in the case of any original payday
loan, interest and other fees and charges that
total more than 15 cents for every dollar
loaned; and
''(ii) in the case of an original payday
loan originated over the Internet, an
additional origination fee in excess of 5
percent of the original principal loan amount;
''(B) require a consumer to pay interest and fees
that, combined, total more than--
''(i) in the case of the 1st refinancing of
an outstanding payday loan, 15 cents for every
dollar of the outstanding original principal
loan amount; and
''(ii) in the case of the 2nd refinancing
of an outstanding payday loan, 10 cents for
every dollar of the outstanding original
principal loan amount; or
''(C) require a consumer to pay an origination fee
for a payday loan that is refinanced.
''(2) Mandatory disclosures.--A payday lender may not make
or refinance a payday loan unless the creditor has first
provided the consumer with a copy of a written loan agreement,
which shall be signed by the creditor and by the consumer and
shall include the following information in English and in the
language in which the loan was negotiated:
''(A) A clear and conspicuous description of the
terms of the loan, including the total cost of all fees
and other charges in connection with the loan stated as
a dollar amount, and the consumer's payment obligations
under the loan.
''(B) The name, address and telephone number of the
creditor making the loan, and the name of title of the
individual employee of the creditor who signs the loan
agreement on behalf of the creditor.
''(C) The following statements, in at least 14-
point bold face type:
''(i) Warning.--This loan is not intended
to meet long-term financial needs. This loan
should be used only to meet short-term cash
needs.
''(ii) Credit counseling availability.--You
should consider contacting an independent,
nonprofit credit counseling agency approved by
the National Foundation for Credit Counseling
(NFCC) or by a State or Federal Government
agency. You may obtain information on how to
contact an approved counselor near you by
calling the National Foundation for Credit
Counseling at 1-800-388-2227.
''(iii) No criminal prosecution or security
interest.--You cannot be prosecuted in criminal
court to collect this loan, and the creditor
may not take or attempt to take an interest in
any of your personal property to secure his
loan.
''(3) Additional public disclosures.--A payday lender may
not make or refinance a payday loan to any consumer unless the
following notices are posted conspicuously in English and
Spanish and in not less than 1-inch bold print in the
creditor's public lending area in each loan store, or, if the
loan is made using the Internet, fax or other means, are posted
conspicuously on the creditor's public internet site relating
to any such payday loan:
''(A) Warning.--This loan is not intended to meet
long-term financial needs. This loan should be used
only to meet short-term cash needs.
''(B) Credit counseling availability.--You should
consider contacting an independent, nonprofit credit
counseling agency approved by the National Foundation
for Credit Counseling (NFCC) or by a State or Federal
Government agency. You may obtain information on how to
contact an approved counselor near you by calling the
National Foundation for Credit Counseling at 1-800-388-
2227.
''(C) No criminal prosecution or security
interest.--You cannot be prosecuted in criminal court
to collect this loan, and the creditor may not take or
attempt to take an interest in any of your personal
property to secure his loan.
''(4) Creditor surety bond requirements.--
''(A) In general.--A payday lender may not make or
refinance a payday loan unless the creditor has
obtained and filed, in accordance with subparagraph
(B), a surety bond in the following amount:
''(i) A surety bond in the amount of
$100,000 for each loan store operated by the
creditor, if the creditor operates fewer than
10 loan stores and does not offer any payday
loans over the Internet.
''(ii) A surety bond in the amount of
$1,000,000, if the creditor operates 10 or more
loan stores or offers loans over the Internet.
''(iii) Such greater amount as may be
required by applicable State law.
''(B) Bond requirements.--The surety bond obtained
by a payday lender to meet the requirements of
subparagraph (A) shall be filed with, and for the
benefit of, the State attorney general in the
creditor's home state.
''(C) Aggregation of lender and affiliate under
certain circumstances.--For purposes of this paragraph,
a creditor and each affiliate of a creditor which has
the same home State as the creditor may aggregate the
loan stores operated by such creditor and any such
affiliate for purposes of determining the amount of the
surety bond required to be filed under subparagraph
(A).
''(5) Extended payment plan.--
''(A) In general.--A payday lender may not make or
refinance a payday loan unless the terms of the loan
require the creditor, upon receiving notice from the
consumer of an inability to repay prior to close of
business on the last business day before the original
due date of the loan, provides the consumer with notice
of and the right to opt into an extended payment plan,
without charge, 1 time in any 12 month period.
''(B) Limitation during extended payment plan.--A
creditor may not engage in any collection activity (or
procure the services of any other for such purpose)
during the term of any extended payment plan.
''(6) Refinancing.--A payday lender may not--
''(A) refinance a payday loan for less than 7 days;
''(B) refinance a payday loan more than 2
consecutive times; refinance a payday loan without
terminating the previous agreement and entering into a
new agreement that the creditor and consumer each sign
in person or with an electronic signature; or
''(C) require a consumer to pay interest and fees
in connection with a refinancing that, combined, total
more than the amount permitted under paragraph
(1)(B).''.
(b) Technical and Conforming Amendments.--
(1) Disclosures.--Section 128(a)(4) of the Truth in Lending
Act (U.S.C. 1638(a)(4)) is amended--
(A) by striking ''or'' after ''does not exceed
$5,'' and
(B) by inserting '', or if the loan is subject to
section 129B''.
(2) Effect on other laws.--Section 111 of the Truth in
Lending Act (U.S.C. 1610) is amended--
(A) in subsection (b), by inserting ''subsection
(f) of this section and'' after ''Except as provided
in''; and
(B) by adding at the end the following new
subsection:
''(f) Payday Loans.--
''(1) In general.--The following provisions of the law of
any State shall not apply to any payday loan, or any
refinancing of a payday loan, that is subject to section 129B:
''(A) Any provision requiring minimum loan terms.
''(B) Any provision prohibiting, defining or
limiting any refinancing.
''(C) Any provision prohibiting or limiting the use
of a check or debit authorization to originate a payday
loan.
''(D) Any provision prohibiting or mandating
extended payment plans.
''(E) Any provision limiting the rate or amount of
interest and fees or default, delinquency or not
sufficient fund fees or other charges which may be
taken, received or reserved by creditors for payday
loans or any refinancing of a payday loan.
''(2) Enforcement.--Notwithstanding paragraph (1), any
State may employ or establish State laws for the purpose of
enforcing the requirements of section 129B.''.
(c) Clerical Amendment.--The table of sections for chapter 2 of the
Truth in Lending Act is amended by inserting after the item relating to
section 129 the following new items:

''129A. Fiduciary duty of servicers of pooled residential mortgages.
''129B. Protections for consumers.''.
Consumer Lending Education And Reform Act or the C.L.E.A.R. Act - Amends the Truth in Lending Act to limit the interest, fees and charges that a payday lender may require a consumer to pay with respect to an original payday loan and a refinanced payday loan.

Prohibits a payday lender from: (1) requiring a consumer to pay an origination fee for a payday loan that is refinanced; or (2) making or refinancing a payday loan unless the creditor has first provided the consumer with a copy of a written loan agreement, signed by the creditor and by the consumer, which includes specified information in English and in the language in which the loan was negotiated.

Requires a payday lender to file a surety bond.

Prohibits a payday lender from making or refinancing a payday loan unless the terms of the loan require the creditor, upon receiving notice of consumer's inability to repay, to provide the consumer with notice of and the right to opt into an extended payment plan, without charge, one time in any 12-month period.

Prohibits a creditor from engaging in any collection activity (or procuring the services of any other for such purpose) during the term of any extended payment plan.

SECTION 1. SHORT TITLE.
This Act may be cited as the ''Lions Clubs International Century of
Service Commemorative Coin Act''.
SEC. 2. FINDINGS.
The Congress finds as follows:
(1) Lions Clubs International is the world's largest service
club organization founded in 1917 by Chicago business leader Melvin
Jones. Lions Clubs International empowers volunteers to serve their
communities, meet humanitarian needs, encourage peace and promote
international understanding through Lions clubs.
(2) Today, Lions Clubs International has over 1.35 million
members in more than 45,000 clubs globally, extending its mission
of service throughout the world every day.
(3) In 1945, Lions Clubs International became one of the first
nongovernmental organizations invited to assist in drafting the
United Nations Charter and has enjoyed a special relationship with
the United Nations ever since.
(4) In 1968, Lions Clubs International Foundation was
established to assist with global and large-scale local
humanitarian projects and has since then awarded more than $700
million to fund five unique areas of service: preserving sight,
combating disability, promoting health, serving youth and providing
disaster relief.
(5) In 1990, the Lions Clubs International Foundation launched
the SightFirst program to build comprehensive eye care systems to
fight the major causes of blindness and care for the blind or
visually impaired. Thanks to the generosity of Lions worldwide,
over $415 million has been raised, resulting in the prevention of
serious vision loss in 30 million people and improved eye care for
hundreds of millions of people.
(6) On June 7, 2017, Lions Clubs International will celebrate
100 years of community service to men, women, and children in need
throughout the world.
SEC. 3. COIN SPECIFICATIONS.
(a) $1 Silver Coins.--The Secretary of the Treasury (hereafter in
this Act referred to as the ''Secretary'') shall mint and issue not
more than 400,000 $1 coins in commemoration of the centennial of the
founding of the Lions Clubs International, each of which shall--
(1) weigh 26.73 grams;
(2) have a diameter of 1.500 inches; and
(3) contain 90 percent silver and 10 percent copper.
(b) Legal Tender.--The coins minted under this Act shall be legal
tender, as provided in section 5103 of title 31, United States Code.
(c) Numismatic Items.--For purposes of sections 5134 and 5136 of
title 31, United States Code, all coins minted under this Act shall be
considered to be numismatic items.
SEC. 4. DESIGN OF COINS.
(a) Design Requirements.--
(1) In general.--The design of the coins minted under this Act
shall be emblematic of the centennial of the Lions Clubs
International.
(2) Designation and inscriptions.--On each coin minted under
this Act, there shall be--
(A) a designation of the value of the coin;
(B) an inscription of the year ''2017''; and
(C) inscriptions of the words ''Liberty'', ''In God We
Trust'', ''United States of America'', and ''E Pluribus Unum''.
(b) Selection.--The design for the coins minted under this Act
shall be--
(1) chosen by the Secretary after consultation with Lions Clubs
International Special Centennial Planning Committee and the
Commission of Fine Arts; and
(2) reviewed by the Citizens Coinage Advisory Committee.
SEC. 5. ISSUANCE OF COINS.
(a) Quality of Coins.--Coins minted under this Act shall be issued
in uncirculated and proof qualities.
(b) Mint Facility.--Only one facility of the United States Mint may
be used to strike any particular quality of the coins minted under this
Act.
(c) Period for Issuance.--The Secretary may issue coins under this
Act only during the calendar year beginning on January 1, 2017.
SEC. 6. SALE OF COINS.
(a) Sale Price.--The coins issued under this Act shall be sold by
the Secretary at a price equal to the sum of--
(1) the face value of the coins;
(2) the surcharge provided in section 7 with respect to such
coins; and
(3) the cost of designing and issuing the coins (including
labor, materials, dies, use of machinery, overhead expenses,
marketing, and shipping).
(b) Bulk Sales.--The Secretary shall make bulk sales of the coins
issued under this Act at a reasonable discount.
(c) Prepaid Orders.--
(1) In general.--The Secretary shall accept prepaid orders for
the coins minted under this Act before the issuance of such coins.
(2) Discount.--Sale prices with respect to prepaid orders under
paragraph (1) shall be at a reasonable discount.
SEC. 7. SURCHARGES.
(a) In General.--All sales of coins issued under this Act shall
include a surcharge of $10 per coin.
(b) Distribution.--Subject to section 5134(f) of title 31, United
States Code, all surcharges received by the Secretary from the sale of
coins issued under this Act shall be promptly paid by the Secretary to
the Lions Clubs International Foundation for the purposes of--
(1) furthering its programs for the blind and visually impaired
in the United States and abroad;
(2) investing in adaptive technologies for the disabled; and
(3) investing in youth and those affected by a major disaster.
(c) Audits.--The Lions Clubs International Foundation shall be
subject to the audit requirements of section 5134(f)(2) of title 31,
United States Code, with regard to the amounts received under
subsection (b).
(d) Limitation.--Notwithstanding subsection (a), no surcharge may
be included with respect to the issuance under this Act of any coin
during a calendar year if, as of the time of such issuance, the
issuance of such coin would result in the number of commemorative coin
programs issued during such year to exceed the annual 2 commemorative
coin program issuance limitation under section 5112(m)(1) of title 31,
United States Code. The Secretary may issue guidance to carry out this
subsection.
SEC. 8. FINANCIAL ASSURANCES.
The Secretary shall take such actions as may be necessary to ensure
that--
(1) minting and issuing coins under this Act will not result in
any net cost to the United States Government; and
(2) no funds, including applicable surcharges, shall be
disbursed to any recipient designated in section 7 until the total
cost of designing and issuing all of the coins authorized by this
Act (including labor, materials, dies, use of machinery, overhead
expenses, marketing, and shipping) is recovered by the United
States Treasury, consistent with sections 5112(m) and 5134(f) of
title 31, United States Code.
SEC. 9. BUDGET COMPLIANCE.
The budgetary effects of this Act, for the purpose of complying
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by
reference to the latest statement titled ''Budgetary Effects of PAYGO
Legislation'' for this Act, submitted for printing in the Congressional
Record by the Chairman of the Committee on the Budget of the House of
Representatives, provided that such statement has been submitted prior
to the vote on passage.

Speaker of the House of Representatives.

Vice President of the United States and
President of the Senate.
Lions Clubs International Century of Service Commemorative Coin Act - Directs the Secretary of the Treasury to mint and issue as legal tender up to 400,000 $1 coins in commemoration of the centennial of the founding of the Lions Clubs International. Requires the design of the coins to be emblematic of the centennial.

Permits the Secretary to issue such coins only during calendar 2017.

Requires coin sales to include a surcharge of $10 per coin, to be paid by the Secretary to the Lions Clubs International Foundation.

Subjects such Foundation to specified audit requirements with regard to the funds received from the Secretary.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Close Big Oil Tax Loopholes Act''.

SEC. 2. LIMITATION ON DEDUCTION FOR INTANGIBLE DRILLING AND DEVELOPMENT
COSTS.

(a) In General.--Section 263(c) 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 in
any taxable year in which such taxpayer is an applicable large taxpayer
(as defined in section 193(d)(2)).''.
(b) Effective Date.--The amendment made by this section shall apply
to amounts paid or incurred in taxable years beginning after December
31, 2010.

SEC. 3. LIMITATION ON DEDUCTION FOR TERTIARY INJECTANTS.

(a) In General.--Section 193 of the Internal Revenue Code of 1986
is amended by adding at the end the following new subsection:
''(d) Application With Respect to Certain Large Taxpayers.--
''(1) In general.--This section shall not apply to amounts
paid or incurred by a taxpayer in any taxable year in which
such taxpayer is an applicable large taxpayer.
''(2) Applicable large taxpayer.--For purposes of this
section, the term 'applicable large taxpayer' means, with
respect to any taxable year, any taxpayer with gross revenues
for such taxable year in excess of $100,000,000.''.
(b) Effective Date.--The amendment made by this section shall apply
to amounts paid or incurred in taxable years beginning after December
31, 2010.

SEC. 4. LIMITATION ON EXCEPTION FROM PASSIVE ACTIVITY RULES FOR WORKING
INTERESTS IN OIL OR GAS PROPERTY.

(a) In General.--Paragraph (3) of section 469(c) of the Internal
Revenue Code of 1986 is amended--
(1) in subparagraph (A), by striking ''the taxpayer'' and
inserting ''a taxpayer (other than an a taxpayer who is an
applicable large taxpayer (as defined in section 193(d)(2)) for
the taxable year)'', and
(2) in subparagraph (B), by inserting ''other than an a
taxpayer who is an applicable large taxpayer (as so defined)
for the taxable year'' after ''any taxpayer''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2010.

SEC. 5. LIMITATION ON PERCENTAGE DEPLETION ALLOWANCE FOR OIL AND GAS
WELLS.

(a) In General.--Section 613A of the Internal Revenue Code of 1986
is amended by adding at the end the following new subsection:
''(f) Application With Respect to Certain Large Taxpayers.--In the
case of any taxable year in which the taxpayer is an applicable large
taxpayer (as defined in section 193(d)(2)), the allowance for
percentage depletion shall be zero.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2010.

SEC. 6. LIMITATION ON DEDUCTION FOR INCOME ATTRIBUTABLE TO DOMESTIC
PRODUCTION OF OIL, NATURAL GAS, OR PRIMARY PRODUCTS
THEREOF.

(a) Denial of Deduction.--Paragraph (4) of section 199(c) of the
Internal Revenue Code of 1986 is amended by adding at the end the
following new subparagraph:
''(E) Special rule for certain oil and gas
income.--In the case of any taxpayer who is an
applicable large taxpayer (as defined in section
193(d)(2)) for the taxable year, the term 'domestic
production gross receipts' shall not include gross
receipts from the production, transportation, or
distribution of oil, natural gas, or any primary
product (within the meaning of subsection (d)(9))
thereof.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2010.

SEC. 7. EXPANSION OF 7-YEAR AMORTIZATION OF GEOLOGICAL AND GEOPHYSICAL
EXPENDITURES TO APPLICABLE LARGE TAXPAYERS.

(a) In General.--Subparagraph (A) of section 167(h)(5) of the
Internal Revenue Code of 1986 is amended by inserting ''or an
applicable large taxpayer (as defined in section 193(d)(2))'' after
''major integrated oil company''.
(b) Conforming Amendment.--The heading for paragraph (5) of section
167(h) of such Code is amended by inserting ''and applicable large
taxpayers'' after ''oil companies''.
(c) Effective Date.--The amendments made by this section shall
apply to amounts paid or incurred in taxable years beginning after
December 31, 2010.

SEC. 8. TAX ON CRUDE OIL AND NATURAL GAS PRODUCED FROM THE OUTER
CONTINENTAL SHELF IN THE GULF OF MEXICO.

(a) In General.--Subtitle E of the Internal Revenue Code of 1986
(relating to alcohol, tobacco, and certain other excise taxes) is
amended by adding at the end the following new chapter:

''CHAPTER 56--TAX ON SEVERANCE OF CRUDE OIL AND NATURAL GAS FROM THE
OUTER CONTINENTAL SHELF IN THE GULF OF MEXICO

''Sec. 5896. Imposition of tax.
''Sec. 5897. Taxable crude oil or natural gas and removal price.
''Sec. 5898. Special rules and definitions.

''SEC. 5896. IMPOSITION OF TAX.

''(a) In General.--In addition to any other tax imposed under this
title, there is hereby imposed a tax equal to 13 percent of the removal
price of any taxable crude oil or natural gas removed from the premises
during any taxable period.
''(b) Credit for Federal Royalties Paid.--
''(1) In general.--There shall be allowed as a credit
against the tax imposed by subsection (a) with respect to the
production of any taxable crude oil or natural gas an amount
equal to the aggregate amount of royalties paid under Federal
law with respect to such production.
''(2) Limitation.--The aggregate amount of credits allowed
under paragraph (1) to any taxpayer for any taxable period
shall not exceed the amount of tax imposed by subsection (a)
for such taxable period.
''(c) Tax Paid by Producer.--The tax imposed by this section shall
be paid by the producer of the taxable crude oil or natural gas.

''SEC. 5897. TAXABLE CRUDE OIL OR NATURAL GAS AND REMOVAL PRICE.

''(a) Taxable Crude Oil or Natural Gas.--For purposes of this
chapter, the term 'taxable crude oil or natural gas' means crude oil or
natural gas which is produced from Federal submerged lands on the outer
Continental Shelf in the Gulf of Mexico pursuant to a lease entered
into with the United States which authorizes the production.
''(b) Removal Price.--For purposes of this chapter--
''(1) In general.--Except as otherwise provided in this
subsection, the term 'removal price' means--
''(A) in the case of taxable crude oil, the amount
for which a barrel of such crude oil is sold, and
''(B) in the case of taxable natural gas, the
amount per 1,000 cubic feet for which such natural gas
is sold.
''(2) Sales between related persons.--In the case of a sale
between related persons, the removal price shall not be less
than the constructive sales price for purposes of determining
gross income from the property under section 613.
''(3) Oil or gas removed from property before sale.--If
crude oil or natural gas is removed from the property before it
is sold, the removal price shall be the constructive sales
price for purposes of determining gross income from the
property under section 613.
''(4) Refining begun on property.--If the manufacture or
conversion of crude oil into refined products begins before
such oil is removed from the property--
''(A) such oil shall be treated as removed on the
day such manufacture or conversion begins, and
''(B) the removal price shall be the constructive
sales price for purposes of determining gross income
from the property under section 613.
''(5) Property.--The term 'property' has the meaning given
such term by section 614.

''SEC. 5898. SPECIAL RULES AND DEFINITIONS.

''(a) Administrative Requirements.--
''(1) Withholding and deposit of tax.--The Secretary shall
provide for the withholding and deposit of the tax imposed
under section 5896 on a quarterly basis.
''(2) Records and information.--Each taxpayer liable for
tax under section 5896 shall keep such records, make such
returns, and furnish such information (to the Secretary and to
other persons having an interest in the taxable crude oil or
natural gas) with respect to such oil as the Secretary may by
regulations prescribe.
''(3) Taxable periods; return of tax.--
''(A) Taxable period.--Except as provided by the
Secretary, each calendar year shall constitute a
taxable period.
''(B) Returns.--The Secretary shall provide for the
filing, and the time for filing, of the return of the
tax imposed under section 5896.
''(b) Definitions.--For purposes of this chapter--
''(1) Producer.--The term 'producer' means the holder of
the economic interest with respect to the crude oil or natural
gas.
''(2) Crude oil.--The term 'crude oil' includes crude oil
condensates and natural gasoline.
''(3) Premises and crude oil product.--The terms 'premises'
and 'crude oil product' have the same meanings as when used for
purposes of determining gross income from the property under
section 613.
''(c) Adjustment of Removal Price.--In determining the removal
price of oil or natural gas from a property in the case of any
transaction, the Secretary may adjust the removal price to reflect
clearly the fair market value of oil or natural gas removed.
''(d) Regulations.--The Secretary shall prescribe such regulations
as may be necessary or appropriate to carry out the purposes of this
chapter.''.
(b) Deductibility of Tax.--The first sentence of section 164(a) of
the Internal Revenue Code of 1986 (relating to deduction for taxes) is
amended by inserting after paragraph (5) the following new paragraph:
''(6) The tax imposed by section 5896(a) (after application
of section 5896(b)) on the severance of crude oil or natural
gas from the outer Continental Shelf in the Gulf of Mexico.''.
(c) Clerical Amendment.--The table of chapters for subtitle E of
such Code is amended by adding at the end the following new item:

''Chapter 56. Tax on severance of crude
oil and natural gas from the
outer Continental Shelf in the
Gulf of Mexico.''.
(d) Effective Date.--The amendments made by this section shall
apply to crude oil or natural gas removed after the date of the
enactment of this Act.

SEC. 9. MODIFICATIONS OF FOREIGN TAX CREDIT RULES APPLICABLE TO LARGE
INTEGRATED OIL COMPANIES WHICH ARE DUAL CAPACITY
TAXPAYERS.

(a) In General.--Section 901 of the Internal Revenue Code of 1986
(relating to credit for taxes of foreign countries and of possessions
of the United States) is amended by redesignating subsection (m) as
subsection (n) and by inserting after subsection (l) the following new
subsection:
''(m) Special Rules Relating to Large Integrated Oil Companies
Which Are Dual Capacity Taxpayers.--
''(1) General rule.--Notwithstanding any other provision of
this chapter, any amount paid or accrued by a dual capacity
taxpayer which is a large integrated oil company to a foreign
country or possession of the United States for any period shall
not be considered a tax--
''(A) if, for such period, the foreign country or
possession does not impose a generally applicable
income tax, or
''(B) to the extent such amount exceeds the amount
(determined in accordance with regulations) which--
''(i) is paid by such dual capacity
taxpayer pursuant to the generally applicable
income tax imposed by the country or
possession, or
''(ii) would be paid if the generally
applicable income tax imposed by the country or
possession were applicable to such dual
capacity taxpayer.
Nothing in this paragraph shall be construed to imply the
proper treatment of any such amount not in excess of the amount
determined under subparagraph (B).
''(2) Dual capacity taxpayer.--For purposes of this
subsection, the term 'dual capacity taxpayer' means, with
respect to any foreign country or possession of the United
States, a person who--
''(A) is subject to a levy of such country or
possession, and
''(B) receives (or will receive) directly or
indirectly a specific economic benefit (as determined
in accordance with regulations) from such country or
possession.
''(3) Generally applicable income tax.--For purposes of
this subsection--
''(A) In general.--The term 'generally applicable
income tax' means an income tax (or a series of income
taxes) which is generally imposed under the laws of a
foreign country or possession on income derived from
the conduct of a trade or business within such country
or possession.
''(B) Exceptions.--Such term shall not include a
tax unless it has substantial application, by its terms
and in practice, to--
''(i) persons who are not dual capacity
taxpayers, and
''(ii) persons who are citizens or
residents of the foreign country or possession.
''(4) Large integrated oil company.--For purposes of this
subsection, the term 'large integrated oil company' means, with
respect to any taxable year, an integrated oil company (as
defined in section 291(b)(4)) which--
''(A) had gross receipts in excess of
$1,000,000,000 for such taxable year, and
''(B) has an average daily worldwide production of
crude oil of at least 500,000 barrels for such taxable
year.''.
(b) Effective Date.--
(1) In general.--The amendments made by this section shall
apply to taxes paid or accrued in taxable years beginning after
the date of the enactment of this Act.
(2) Contrary treaty obligations upheld.--The amendments
made by this section shall not apply to the extent contrary to
any treaty obligation of the United States.
Close Big Oil Tax Loopholes Act - Amends the Internal Revenue Code to deny to taxpayers with gross revenues in excess of $100 million in a taxable year (applicable large taxpayers): (1) the tax deduction for intangible drilling and development costs; (2) the tax deduction for qualified tertiary injectant expenses; (3) the exemption from restrictions on the deductibility of passive losses; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for income attributable to domestic production of oil, natural gas, or primary products thereof.

Requires applicable large taxpayers to amortize their geological and geophysical expenditures over a seven-year period.

Imposes on producers of taxable crude oil or natural gas a 13% excise tax on the removal price of such oil and natural gas produced from lands on the Outer Continental Shelf in the Gulf of Mexico. Allows a nonrefundable credit against such tax for royalties paid under federal law with respect to the production of such crude oil and natural gas.

Denies a foreign tax credit to any large integrated oil company that is subject to a levy of a foreign country or possession of the United States and receives an economic benefit from such country or possession (dual capacity taxpayer) if such country or possession does not impose a generally applicable income tax.