,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #fji  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,febru>y #ab1 #bjac   
,mr4 ,blum5au] 7= himself1 ,mr4 ,m>key1 
,ms4 ,s*ak[sky1 ,mr4 ,cony]s1 ,ms4      
,p+ree ( ,ma9e1 ,ms4 ,norton1 ,ms4      
,mc,collum1 ,mr4 ,de,fazio1 ,ms4        
,slaught]1 ,mr4 ,nadl]1 ,ms4 ,de,lauro1 
,mr4 ,moran1 ,mr4 ,grijalva1 ,mr4       
,polis1 ,ms4 ,tsongas1 ,mr4 ,langev91   
,ms4 ,lee ( ,cali=nia1 ,mr4 ,quigley1   
,mr4 ,cicill9e1 ,ms4 ,spei]1 ,mr4 ,van  
,holl51 ,mr4 ,mc,govern1 ,mr4 ,wel*1    
,mr4 ,connolly1 ,mr4 ,honda1 ,mrs4      
,capps1 & ,mr4 ,waxman7 introduc$ !     
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,ways & ,means  ,a ,,bill 
,to am5d ! ,int]nal ,rev5ue ,code (     
#aihf to repeal fossil fuel subsidies = 
l>ge oil companies4  #a4 ,%ort title    
,?is ,act may be cit$ z ! ,end ,big ,oil
 ,tax ,subsidies ,act ( #bjac4  #b4     
,amortization ( geological & geophysical
 exp5ditures  7a7 ,9 g5]al ,subp>agraph 
7,a7 ( section #afg7;h77#e7 ( ! ,int]nal

 ,rev5ue ,code ( #aihf is am5d$ by /rik+
 major integrat$ oil company & ins]t+   
cov]$ l>ge oil company4  7b7 ,cov]$ l>ge
 oil company ,p>agraph 7#e7 ( section   
#afg7;h7 ( su* ,act is am5d$ by         
r$esignat+ subp>agraph 7,b7 z           
subp>agraph 7,c7 & by ins]t+ aft]       
subp>agraph 7,a7 ! foll[+ new           
subp>agraph3  7,b7 ,cov]$ l>ge oil      
company ,= purposes ( ?is p>agraph1 !   
t]m cov]$ l>ge oil company means a      
taxpay] :i*--  7i7 is a major integrat$ 
oil company1 or  7ii7 has gross receipts
 9 excess ( #ej1jjj1jjj = ! taxable ye>4
  ,= purposes ( clause 7ii71 all p]sons 
treat$ z a s+le employ] "u subsections  
7a7 & 7b7 ( section #eb %all be treat$ z
 #a p]son4  4  7c7 ,con=m+ am5dm5t ,!   
head+ = p>agraph 7#e7 ( section #afg7;h7
 ( su* ,code is am5d$ by ins]t+ & o!r   
l>ge taxpay]s4  7d7 ,effective date ,!  
am5dm5ts made by ?is section %all apply 
to am\nts paid or incurr$ 9 taxable ye>s
 beg9n+ aft] ,decemb] #ca1 #bjac4  #c4  
,produc+ oil & gas f m>g9al wells  7a7  

,9 g5]al ,section #de;,i ( ! ,int]nal   
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new subsection3  7e7  
,exception = taxpay] :o is n small1     
indep5d5t oil & gas company  7#a7 ,9    
g5]al ,subsection 7a7 %all n apply to   
any taxpay] :i* is n a small1 indep5d5t 
oil & gas company = ! taxable ye>4  7#b7
 ,aggregation rule ,= purposes (        
p>agraph 7#a71 all p]sons treat$ z a    
s+le employ] "u subsections 7a7 & 7b7 ( 
section #eb %all be treat$ z #a p]son4  
4  7b7 ,effective date ,! am5dm5t made  
by subsection 7a7 %all apply to cr$its  
det]m9$ = taxable ye>s beg9n+ aft]      
,decemb] #ca1 #bjac4  #d4 ,enhanc$ oil  
recov]y cr$it  7a7 ,9 g5]al ,section #dc
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7f7 ,exception = taxpay] :o
 is n small1 indep5d5t oil & gas company
  7#a7 ,9 g5]al ,subsection 7a7 %all n  
apply to any taxpay] :i* is n a small1  
indep5d5t oil & gas company = ! taxable 
ye>4  7#b7 ,aggregation rule ,= purposes

 ( p>agraph 7#a71 all p]sons treat$ z a 
s+le employ] "u subsections 7a7 & 7b7 ( 
section #eb %all be treat$ z #a p]son4  
4  7b7 ,effective date ,! am5dm5ts made 
by ?is section %all apply to am\nts paid
 or incurr$ 9 taxable ye>s beg9n+ aft]  
,decemb] #ca1 #bjac4  #e4 ,intangible   
drill+ & developm5t co/s 9 ! case ( oil 
& gas wells  7a7 ,9 g5]al ,subsection   
7c7 ( section #bfc ( ! ,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 n a small1 indep5d5t oil &  
gas company1 det]m9$ by deem+ all p]sons
 treat$ z a s+le employ] "u subsections 
7a7 & 7b7 ( section #eb z #a p]son44    
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  #f4 ,p]c5tage     
depletion  7a7 ,9 g5]al ,section #fac;,a
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by add+ at ! end ! foll[+ new     

subsection3  7f7 ,exception = taxpay] :o
 is n small1 indep5d5t oil & gas company
  7#a7 ,9 g5]al ,?is section & section  
#faa %all n apply to any taxpay] :i* is 
n a small1 indep5d5t oil & gas company =
 ! taxable ye>4  7#b7 ,aggregation rule 
,= purposes ( p>agraph 7#a71 all p]sons 
treat$ z a s+le employ] "u subsections  
7a7 & 7b7 ( section #eb %all be treat$ z
 #a p]son4  4  7b7 ,con=m+ am5dm5t      
,section #fac;,a7c77#a7 ( su* ,code is  
am5d$ by /rik+ subsection 7d7 & ins]t+  
subsections 7d7 & 7f74  7c7 ,effective  
date ,! am5dm5t made by ?is section %all
 apply to taxable ye>s beg9n+ aft]      
,decemb] #ca1 #bjac4  #g4 ,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 ,exception = taxpay] :o
 is n small1 indep5d5t oil & gas company
  7#a7 ,9 g5]al ,subsection 7a7 %all n  
apply to any taxpay] :i* is n a small1  
indep5d5t oil & gas company = ! taxable 
ye>4  7#b7 ,exception = qualifi$ c>bon  

dioxide dispos$ 9 secure geological     
/orage ,p>agraph 7#a7 %all n apply 9 !  
case ( any qualifi$ t]ti>y injectant    
exp5se paid or incurr$ = any t]ti>y     
injectant t is qualifi$ c>bon dioxide 7z
 def9$ 9 section #de,q7b77 :i* is       
dispos$ ( by ! taxpay] 9 secure         
geological /orage 7z def9$ by section   
#de,q7d774  7#c7 ,aggregation rule ,=   
purposes ( p>agraph 7#a71 all p]sons    
treat$ z a s+le employ] "u subsections  
7a7 & 7b7 ( section #eb %all be treat$ z
 #a p]son4  4  7b7 ,effective date ,!   
am5dm5t made by ?is section %all apply  
to exp5ses incurr$ aft] ,decemb] #ca1   
#bjac4  #h4 ,passive activity losses &  
cr$its limit$  7a7 ,9 g5]al ,p>agraph   
7#c7 ( section #dfi7;c7 ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+3  7,c7 ,exception =   
taxpay] :o is n small1 indep5d5t oil &  
gas company  7i7 ,9 g5]al ,subp>agraph  
7,a7 %all n apply to any taxpay] :i* is 
n a small1 indep5d5t oil & gas company =
 ! taxable ye>4  7ii7 ,aggregation rule 

,= purposes ( clause 7i71 all p]sons    
treat$ z a s+le employ] "u subsections  
7a7 & 7b7 ( section #eb %all be treat$ z
 #a p]son4  4  #i4 ,income attributable 
to dome/ic production activities  7a7 ,9
 g5]al ,section #aii ( ! ,int]nal       
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new subsection3  7e7  
,exception = taxpay] :o is n small1     
indep5d5t oil & gas company ,subsection 
7a7 %all n apply to ! income d]iv$ f !  
production1 transportation1 or          
di/ribution ( oil1 natural gas1 or any  
prim>y product 7)9 ! mean+ ( subsection 
7d77#i77 !re( by any taxpay] :i* = !    
taxable ye> is an oil & gas company :i* 
is n a small1 indep5d5t oil & gas       
company4  4  7b7 ,effective date ,!     
am5dm5t made by ?is section %all apply  
to taxable ye>s beg9n+ aft] ,decemb]    
#ca1 #bjac4  #aj4 ,prohibition on us+   
la/-91 fir/-out acc\nt+ = major         
integrat$ oil companies  7a7 ,9 g5]al   
,section #dgb ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by add+ at ! end !    

foll[+ new subsection3  7h7 ,major      
integrat$ oil companies ,not)/&+ any o!r
 provision ( ?is section1 a major       
integrat$ oil company 7z def9$ 9 section
 #afg7;h77 may n use ! me?od provid$ 9  
subsection 7b7 9 inv5tory+ ( any goods4 
4  7b7 ,effective date & special rule   
7#a7 ,9 g5]al ,! am5dm5t made by        
subsection 7a7 %all apply to taxable    
ye>s beg9n+ aft] ,decemb] #ca1 #bjac4   
7#b7 ,*ange 9 me?od ( acc\nt+ ,9 ! case 
( any taxpay] requir$ by ! am5dm5t made 
by ?is section to *ange its me?od (     
acc\nt+ = its fir/ taxable ye> beg9n+   
aft] ! date ( ! enactm5t ( ?is ,act--   
7,a7 su* *ange %all be treat$ z initiat$
 by ! taxpay]1  7,b7 su* *ange %all be  
treat$ z made ) ! cons5t ( ! ,secret>y (
 ! ,treasury1 &  7,c7 ! net am\nt ( !   
adju/m5ts requir$ to be tak5 into acc\nt
 by ! taxpay] "u section #dha ( !       
,int]nal ,rev5ue ,code ( #aihf %all be  
tak5 into acc\nt ratably ov] a p]iod 7n 
great] ?an #h taxable ye>s7 beg9n+ ) su*
 fir/ taxable ye>4  #aa4 ,modifications 

( =eign tax cr$it rules applicable to   
dual capacity taxpay]s  7a7 ,9 g5]al    
,section #ija ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by r$esignat+         
subsection 7n7 z subsection 7o7 & by    
ins]t+ aft] subsection 7m7 ! foll[+ new 
subsection3  7n7 ,special rules relat+  
to dual capacity taxpay]s  7#a7 ,g5]al  
rule ,not)/&+ any o!r provision ( ?is   
*apt]1 any am\nt paid or accru$ by a    
dual capacity taxpay] to a =eign c\ntry 
or possession ( ! ,unit$ ,/ates = any   
p]iod ) respect to comb9$ =eign oil &   
gas income 7z def9$ 9 section           
#ijg7;b77#a77 %all n be consid]$ a tax  
to ! ext5t su* am\nt exce$s ! am\nt     
7det]m9$ 9 accordance ) regulations7 :i*
 w\ld h be5 requir$ to be paid if !     
taxpay] 7 n a dual capacity taxpay]4    
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  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] ,decemb] #ca1 #bjac4  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