,i #aac? ,,congress #a/ ,session ,h4 ,r4 #bief ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,augu/ #a1 #bjac ,mr4 ,murphy ( ,florida 7= himself1 ,mr4 ,blum5au]1 ,ms4 ,e/y1 & ,mr4 ,b>b]7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means1 & 9 addition to ! ,committee on ,natural ,res\rces1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to elim9ate unnecess>y oil tax cr$its & subsidies = major oil companies to r$uce ! national debt4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,end ,welf>e = ,big ,oil ,act ( #bjac4 ,i ,repeal ( oil & gas subsidies ,a ,close big oil tax loopholes #aja4 ,modifications ( =eign tax cr$it rules applicable to major integrat$ oil companies :i* are dual capacity taxpay]s 7a7 ,9 g5]al ,section #ija ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by r$esignat+ subsection 7n7 z subsection 7o7 & by ins]t+ aft] subsection 7m7 ! foll[+ new subsection3 7n7 ,special rules relat+ to major integrat$ oil companies :i* are dual capacity taxpay]s 7#a7 ,g5]al rule ,not)/&+ any o!r provision ( ?is *apt]1 any am\nt paid or accru$ by a dual capacity taxpay] :i* is a major integrat$ oil company 7z def9$ 9 section #afg7;h77#e77;,b77 to a =eign c\ntry or possession ( ! ,unit$ ,/ates = any p]iod %all n be consid]$ a tax-- 7,a7 if1 = su* p]iod1 ! =eign c\ntry or possession does n impose a g5]ally applicable income tax1 or 7,b7 to ! ext5t su* am\nt exce$s ! am\nt 7det]m9$ 9 accordance ) regulations7 :i*-- 7i7 is paid by su* dual capacity taxpay] pursuant to ! g5]ally applicable income tax impos$ by ! c\ntry or possession1 or 7ii7 w\ld be paid if ! g5]ally applicable income tax impos$ by ! c\ntry or possession 7 applicable to su* dual capacity taxpay]4 ,no?+ 9 ?is p>agraph %all be con/ru$ to imply ! prop] treatm5t ( any su* am\nt n 9 excess ( ! am\nt det]m9$ "u subp>agraph 7,b74 7#b7 ,dual capacity taxpay] ,= purposes ( ?is subsection1 ! t]m dual capacity taxpay] means1 ) respect to any =eign c\ntry or possession ( ! ,unit$ ,/ates1 a p]son :o-- 7,a7 is subject to a levy ( su* c\ntry or possession1 & 7,b7 receives 7or w receive7 directly or indirectly a specific economic b5efit 7z det]m9$ 9 accordance ) regulations7 f su* c\ntry or possession4 7#c7 ,g5]ally applicable income tax ,= purposes ( ?is subsection-- 7,a7 ,9 g5]al ,! t]m g5]ally applicable income tax means an income tax 7or a s]ies ( income taxes7 :i* is g5]ally impos$ "u ! laws ( a =eign c\ntry or possession on income d]iv$ f ! conduct ( a trade or bus9ess )9 su* c\ntry or possession4 7,b7 ,exceptions ,su* t]m %all n include a tax unless x has sub/antial application1 by its t]ms & 9 practice1 to-- 7i7 p]sons :o are n dual capacity taxpay]s1 & 7ii7 p]sons :o are citiz5s or resid5ts ( ! =eign c\ntry or possession4 4 7b7 ,effective ,date 7#a7 ,9 g5]al ,! am5dm5ts made by ?is section %all apply to taxes paid or accru$ 9 taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 7#b7 ,contr>y treaty obligations upheld ,! am5dm5ts made by ?is section %all n apply to ! ext5t contr>y to any treaty obligation ( ! ,unit$ ,/ates4 #ajb4 ,limitation on section #aii d$uction attributable to oil1 natural gas1 or prim>y products !re( 7a7 ,d5ial ( d$uction ,p>agraph 7#d7 ( section #aii7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,e7 ,special rule = c]ta9 oil & gas income ,9 ! case ( any taxpay] :o is a major integrat$ oil company 7z def9$ 9 section #afg7;h77#e77;,b77 = ! taxable ye>1 ! t]m dome/ic production gross receipts %all n include gross receipts f ! production1 transportation1 or di/ribution ( oil1 natural gas1 or any prim>y product 7)9 ! mean+ ( subsection 7d77#i77 !re(4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjac4 #ajc4 ,limitation on d$uction = intangible drill+ & developm5t co/s 7a7 ,9 g5]al ,section #bfc7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new s5t5ce3 ,?is subsection %all n apply to am\nts paid or incurr$ by a taxpay] 9 any taxable ye> 9 :i* su* taxpay] is a major integrat$ oil company 7z def9$ 9 section #afg7;h77#e77;,b7744 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to am\nts paid or incurr$ 9 taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjac4 #ajd4 ,limitation on p]c5tage depletion all[ance = oil & gas wells 7a7 ,9 g5]al ,section #fac;,a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subsection3 7f7 ,application ) respect to major integrat$ oil companies ,9 ! case ( any taxable ye> 9 :i* ! taxpay] is a major integrat$ oil company 7z def9$ 9 section #afg7;h77#e77;,b771 ! all[ance = p]c5tage depletion %all be z]o4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjac4 #aje4 ,limitation on d$uction = t]ti>y injectants 7a7 ,9 g5]al ,section #aic ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subsection3 7d7 ,application ) respect to major integrat$ oil companies ,?is section %all n apply to am\nts paid or incurr$ by a taxpay] 9 any taxable ye> 9 :i* su* taxpay] is a major integrat$ oil company 7z def9$ 9 section #afg7;h77#e77;,b774 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to am\nts paid or incurr$ 9 taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjac4 ,b ,out] ,cont95tal ,%elf oil & natural gas #aaa4 ,repeal ( out] ,cont95tal ,%elf deep wat] & deep gas royalty relief 7a7 ,9 g5]al ,sections #cdd & #cde ( ! ,en]gy ,policy ,act ( #bjje 7#db ,u4,s4,c4 #aeijd1 #aeije7 are repeal$4 7b7 ,limitation on application ,! repeal "u subsection 7a7 %all n affect ! application ( ! repeal$ sections ) respect to any lease sale = :i* a notice ( sale is publi%$ be=e ! date ( enactm5t ( ?is ,act4 ,,ii ,budget>y effects #bja4 ,deficit r$uction ,! net am\nt ( any sav+s realiz$ z a result ( ! enactm5t ( ?is ,act & ! am5dm5ts made by ?is ,act 7aft] any exp5ditures au?oriz$ by ?is ,act & ! am5dm5ts made by ?is ,act7 %all be deposit$ 9 ! ,treasury & us$ = ,f$]al budget deficit r$uction or1 if !re is no ,f$]al budget deficit1 = r$uc+ ! ,f$]al debt 9 su* mann] z ! ,secret>y ( ! ,treasury consid]s appropriate4