Msg. 17737 of 21975 (This msg. is a reply to
17733 by
lkorrow)
Jump:
Repeal Big Oil Tax Subsidies Act = BS.
Oil and gas companies pay more taxes to the federal and state governments than any other kind of company. This act isn't attempting to do away with any "subsidies" ... it is trying to restrict or repeal tax deductions ... on companies that already pay a shitload into the U.S. Treasury! Instead, the dumbshits in the U.S. Senate should be passing a "Repeal G.E. Subsidies and Make G.E. Pay At Least $1 In Income Taxes Act." General Electric receives direct subsidy payments from the federal government and didn't pay a damn dime of corporate income tax, last year. Going after "Big Oil" is the politically correct, pathetically stupid, and actually incorrect thing to do.
The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. ~ D.H. Lawrence
SECTION 1. SHORT TITLE.
TITLE I--TAX EXTENSIONS RELATING TO ENERGY
SEC. 101. EXTENSION OF CREDIT FOR ENERGY-EFFICIENT EXISTING HOMES.
SEC. 102. EXTENSION OF CREDIT FOR CERTAIN PLUG-IN ELECTRIC VEHICLES.
SEC. 103. EXTENSION OF CREDIT FOR ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY.
SEC. 104. EXTENSION OF CELLULOSIC BIOFUEL PRODUCER CREDIT.
SEC. 105. ALGAE TREATED AS A QUALIFIED FEEDSTOCK FOR PURPOSES OF THE CELLULOSIC BIOFUEL PRODUCER CREDIT, ETC.
SEC. 106. EXTENSION OF INCENTIVES FOR BIODIESEL AND RENEWABLE DIESEL.
SEC. 107. EXTENSION OF PRODUCTION CREDIT FOR REFINED COAL.
SEC. 108. EXTENSION OF PRODUCTION CREDIT.
SEC. 109. EXTENSION OF CREDIT FOR ENERGY-EFFICIENT NEW HOMES.
SEC. 110. EXTENSION OF CREDIT FOR ENERGY-EFFICIENT APPLIANCES.
SEC. 111. EXTENSION OF ELECTION OF INVESTMENT TAX CREDIT IN LIEU OF PRODUCTION CREDIT.
SEC. 112. EXPANSION OF QUALIFYING ADVANCED ENERGY PROJECT CREDIT.
SEC. 113. EXTENSION OF SPECIAL ALLOWANCE FOR CELLULOSIC BIOFUEL PLANT PROPERTY.
SEC. 114. EXTENSION OF SUSPENSION OF LIMITATION ON PERCENTAGE DEPLETION FOR OIL AND GAS FROM MARGINAL WELLS.
SEC. 115. EXTENSION OF ALTERNATIVE FUELS EXCISE TAX CREDITS.
SEC. 116. EXTENSION OF GRANTS FOR SPECIFIED ENERGY PROPERTY IN LIEU OF TAX CREDITS.
SEC. 117. EXTENSION OF MINE RESCUE TEAM TRAINING CREDIT.
SEC. 118. EXTENSION OF ELECTION TO EXPENSE MINE SAFETY EQUIPMENT.
TITLE II--REPEAL OF OIL AND GAS SUBSIDIES
Subtitle A--Close Big Oil Tax Loopholes
SEC. 202. LIMITATION ON SECTION 199 DEDUCTION ATTRIBUTABLE TO OIL, NATURAL GAS, OR PRIMARY PRODUCTS THEREOF.
SEC. 203. LIMITATION ON DEDUCTION FOR INTANGIBLE DRILLING AND DEVELOPMENT COSTS.
SEC. 204. LIMITATION ON PERCENTAGE DEPLETION ALLOWANCE FOR OIL AND GAS WELLS.
SEC. 205. LIMITATION ON DEDUCTION FOR TERTIARY INJECTANTS.
Subtitle B--Outer Continental Shelf Oil and Natural Gas
SEC. 211. REPEAL OF OUTER CONTINENTAL SHELF DEEP WATER AND DEEP GAS ROYALTY RELIEF.
TITLE III--BUDGETARY EFFECTS
SEC. 301. DEFICIT REDUCTION.
SEC. 302. BUDGETARY EFFECTS.
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