legislation: 117-s-5216

Congressional bills and resolutions from Congress.gov, filtered to policy areas relevant to environmental, health, agriculture, and wildlife regulation.

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
117-s-5216 117 s 5216 Close Big Oil Tax Loopholes Act Taxation 2022-12-08 2022-12-08 Read twice and referred to the Committee on Finance. Senate Sen. Menendez, Robert [D-NJ] NJ D M000639 6 Close Big Oil Tax Loopholes Act This bill limits or repeals tax and royalty relief provisions that benefit certain large oil companies. It modifies foreign tax credit rules applicable to such companies and limits deductions for intangible drilling and development costs, percentage depletion, enhanced oil recovery, and other tax preferences. The bill repeals the outer Continental Shelf deep water and deep gas royalty relief provisions. Any savings resulting from this bill must be used for federal budget deficit reduction or, if there is no current budget deficit, for reducing the federal debt. 2023-01-13T05:16:30Z  

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