Close Big Oil Tax Loopholes Act
Latest action. 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proceed to consideration of measure, under the order of 5/16/2011, not having achieved 60 votes in the affirmative, was withdrawn in Senate.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: continuing resolutionA stopgap law funding the government at existing levels when the annual appropriations bills are not done by October 1.Read the full definition (opens a new tab) S3039)
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.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on May 10, 2011. It describes the bill, it is not the legal 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)
Civibrief does not map this action to a stage in the process. See the official record.
Where is it in the process, and what happens next?
The latest action on file does not map to a stage Civibrief recognizes, so the page will not name one. The record's own words are the reliable fact here.
The record's latest action, on May 17, 2011: 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)
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 112th Congress (2011-12), 283 of the 10,618 bills and joint resolutions introduced became law, about 2.7 percent. That count covers every measure at every stage, including the many that never left committee.
This one has no outstanding steps listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Robert Menendez (D-NJ) introduced it on May 10, 2011, and 28 members have since signed on as cosponsors.
They are 27 Democrats, 1 independent.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on May 10, 2011, 5602 days ago. The most recent recorded action was 5595 days ago, on May 17, 2011.
Measures do not carry over. Anything the 112th Congress has not finished by January 3, 2013 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateMotion 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)
- HouseNot stated in the latest action
- PresidentNot stated in the latest action