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114-hr-3311114th Congress

End Oil and Gas Tax Subsidies Act of 2015

Sponsored By: Representative Blumenauer, Earl [D-OR-3]

Unknown

Summary

End Oil and Gas Tax Subsidies Act of 2015 This bill amends the Internal Revenue Code to: increase to seven years the amortization period for geological and geophysical expenditures; repeal the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery; repeal the tax deduction for the intangible drilling and development costs of oil and gas wells; repeal percentage depletion for oil and gas wells; repeal the tax deduction for tertiary injectant expenses; repeal the passive loss exception for working interests in oil and gas property; deny the tax deduction for income attributable to domestic production activities for oil and gas activities; prohibit the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies; and limit the foreign tax credit for dual capacity taxpayers (i.e., taxpayers who are subject to a levy of a foreign country or U.S. possession and receive specific economic benefits from such country or possession).

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Blumenauer, Earl [D-OR-3]

OR • D

Cosponsors

  • JOHN CONYERS

    MI • D

    Sponsored 7/29/2015

  • Rep. Polis, Jared [D-CO-2]

    CO • D

    Sponsored 7/29/2015

  • Rep. DeLauro, Rosa L. [D-CT-3]

    CT • D

    Sponsored 7/29/2015

  • Rep. Langevin, James R. [D-RI-2]

    RI • D

    Sponsored 7/29/2015

  • LOIS CAPPS

    CA • D

    Sponsored 7/29/2015

  • CHARLES RANGEL

    NY • D

    Sponsored 7/29/2015

  • Rep. Huffman, Jared [D-CA-2]

    CA • D

    Sponsored 7/29/2015

  • Rep. Pocan, Mark [D-WI-2]

    WI • D

    Sponsored 7/29/2015

  • Del. Norton, Eleanor Holmes [D-DC-At Large]

    DC • D

    Sponsored 7/29/2015

  • Sen. Welch, Peter [D-VT]

    VT • D

    Sponsored 7/29/2015

  • Rep. Tsongas, Niki [D-MA-3]

    MA • D

    Sponsored 7/29/2015

  • MICHAEL HONDA

    CA • D

    Sponsored 7/29/2015

  • JIM MCDERMOTT

    WA • D

    Sponsored 7/29/2015

  • Rep. Edwards, Donna F. [D-MD-4]

    MD • D

    Sponsored 7/29/2015

  • Rep. McCollum, Betty [D-MN-4]

    MN • D

    Sponsored 7/29/2015

  • Rep. Cicilline, David N. [D-RI-1]

    RI • D

    Sponsored 7/29/2015

  • Rep. McGovern, James P. [D-MA-2]

    MA • D

    Sponsored 7/29/2015

  • Sen. Van Hollen, Chris [D-MD]

    MD • D

    Sponsored 7/29/2015

  • Rep. Lieu, Ted [D-CA-36]

    CA • D

    Sponsored 7/29/2015

  • Rep. Pascrell, Bill, Jr. [D-NJ-9]

    NJ • D

    Sponsored 7/29/2015

  • LOUISE SLAUGHTER

    NY • D

    Sponsored 9/11/2015

Roll Call Votes

No roll call votes available for this bill.

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