,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #hhj  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,janu>y #cj1 #bjai,ms4
 ,br[nley ( ,cali=nia introduc$ ! foll[+
 bill2 :i* 0 ref]r$ to ! ,committee on  
,ways & ,means1 & 9 addition to !       
,committee on ,transportation &         
,infra/ructure1 = 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 am5d ! ,int]nal 
,rev5ue ,code ( #aihf to repeal         
loopholes = major integrat$ oil         
companies1 & = o!r purposes4  #a4 ,%ort 
title2 table ( cont5ts  7a7 ,%ort title 
,?is ,act may be cit$ z ! ,surface      
,transportation ,inve/m5t ,act ( #bjai4 
7b7 ,table ( cont5ts ,! table ( cont5ts 
= ?is ,act is z foll[s3  ,sec4 #a4 ,%ort
 title2 table ( cont5ts4 ,title         
,i--,close big oil tax loopholes ,sec4  
#b4 ,modifications ( =eign tax cr$it    
rules applicable to major integrat$ oil 
companies :i* are dual capacity         

taxpay]s4 ,sec4 #c4 ,limitation on      
d$uction = intangible drill+ &          
developm5t co/s2 amortization ( disall[$
 am\nts4 ,sec4 #d4 ,limitation on       
p]c5tage depletion all[ance = oil & gas 
wells4 ,sec4 #e4 ,limitation on d$uction
 = t]ti>y injectants4 ,sec4 #f4         
,modification ( def9ition ( major       
integrat$ oil company4 ,title           
,,ii--,transportation block grants ,sec4
 #bja4 ,use ( rev5ue = transportation   
block grants4  ,i ,close big oil tax    
loopholes  #b4 ,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 7)9 ! mean+ (     
section #afg7;h77#e77 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  #c4 ,limitation on      
d$uction = intangible drill+ &          
developm5t co/s2 amortization ( disall[$
 am\nts  7a7 ,9 g5]al ,section #bfc7;c7 
( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$ to read z foll[s3  7c7 ,intangible
 drill+ & developm5t co/s 9 ! case ( oil
 & gas wells & geo!rmal wells  7#a7 ,9  
g5]al ,not)/&+ subsection 7a71 & except 
z provid$ 9 subsection 7i71 regulations 
%all be prescrib$ by ! ,secret>y "u ?is 
subtitle correspond+ to ! regulations   
:i* grant$ ! option to d$uct z exp5ses  
intangible drill+ & developm5t co/s 9 ! 
case ( oil & gas wells & :i* 7 recogniz$
 & approv$ by ! ,congress 9 ,h\se       
,concurr5t ,resolution #ej1 ,sev5ty-n9? 
,congress4 ,su* regulations %all also   
grant ! option to d$uct z exp5ses       
intangible drill+ & developm5t co/s 9 ! 
case ( wells drill$ = any geo!rmal      
deposit 7z def9$ 9 section #fac7;e77#b77
 to ! same ext5t & 9 ! same mann] z su* 

exp5ses are d$uctible 9 ! case ( oil &  
gas wells4 ,?is subsection %all n apply 
) respect to any co/s to :i* any        
d$uction is all[$ "u section #ei7;e7 or 
#bia4  7#b7 ,exclusion  7,a7 ,9 g5]al   
,?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 7)9 ! mean+ (    
section #afg7;h77#e774  7,b7            
,amortization ( am\nts n all[able z     
d$uctions "u subp>agraph 7,a7 ,! am\nt n
 all[able z a d$uction = any taxable ye>
 by reason ( subp>agraph 7,a7 %all be   
all[able z a d$uction ratably ov] !     
#fj-mon? p]iod beg9n+ ) ! mon? 9 :i* !  
co/s are paid or incurr$4 ,= purposes ( 
section #abed1 any d$uction "u ?is      
subp>agraph %all be treat$ z a d$uction 
"u ?is subsection4  4  7b7 ,effective   
date ,! am5dm5t made by ?is section %all
 apply to am\nts paid or incurr$ 9      
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjai4  #d4 ,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 7)9 !  
mean+ ( section #afg7;h77#e771 !        
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  
#bjai4  #e4 ,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  7#a7  
,9 g5]al ,?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 7)9 ! mean+ 
( section #afg7;h77#e774  7#b7          
,amortization ( am\nts n all[able z     
d$uctions "u p>agraph 7#a7 ,! am\nt n   

all[able z a d$uction = any taxable ye> 
by reason ( p>agraph 7#a7 %all be       
all[able z a d$uction ratably ov] !     
#fj-mon? p]iod beg9n+ ) ! mon? 9 :i* !  
co/s are paid or incurr$4  4  7b7       
,effective date ,! am5dm5t made by ?is  
section %all apply to am\nts paid or    
incurr$ 9 taxable ye>s beg9n+ aft]      
,decemb] #ca1 #bjai4  #f4 ,modification 
( def9ition ( major integrat$ oil       
company  7a7 ,9 g5]al ,section          
#afg7;h77#e7 ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$ by add+ at ! end !     
foll[+ new subp>agraph3  7,c7 ,c]ta9    
successors 9 int]e/ ,= purposes ( ?is   
p>agraph1 ! t]m major integrat$ oil     
company includes any successor 9 int]e/ 
( a company t 0 describ$ 9 subp>agraph  
7,b7 9 any taxable ye>1 if su* successor
 controls m ?an #ej p]c5t ( ! crude oil 
production or natural gas production (  
su* company4  4  7b7 ,con=m+ am5dm5ts   
7#a7 ,9 g5]al ,section #afg7;h77#e77;,b7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by ins]t+ except z provid$ 9      

subp>agraph 7,c71 aft] ,= purposes ( ?is
 p>agraph14  7#b7 ,taxable ye>s te/$    
,section #afg7;h77#e77;,b77iii7 ( su*   
,code is am5d$--  7,a7 by /rik+ does n  
apply by reason ( p>agraph 7#d7 (       
section #fac;,a7d7 & ins]t+ did n apply 
by reason ( p>agraph 7#d7 ( section     
#fac;,a7d7 = any taxable ye> aft] #bjjd1
 &  7,b7 by /rik+ does n apply 9        
subclause 7,,ii7 & ins]t+ did n apply = 
! taxable ye>4  7c7 ,effective date ,!  
am5dm5ts made by ?is section %all apply 
to taxable ye>s beg9n+ aft] ,decemb]    
#ca1 #bjai4  ,,ii ,transportation block 
grants  #bja4 ,use ( rev5ue =           
transportation block grants  7a7 ,9     
g5]al ,sub*apt] ,a ( *apt] #ih ( !      
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new section3  
#ieab4 ,transportation ,block ,grant    
,fund  7a7 ,e/abli%m5t ,!re is e/abli%$ 
9 ! ,treasury a fund to be kn[n z !     
,transportation ,block ,grant ,fund     
consi/+ ( su* am\nts z may be           
appropriat$ or cr$it$ to ! fund z       

provid$ 9 ?is section or section        
#ifjb7;b74  7b7 ,transf] to fund ,!re is
 h]eby appropriat$ to ! fund su* am\nts 
z ! ,secret>y e/imates are equival5t to 
! increase 9 rev5ue receiv$ 9 !         
,treasury by reason ( ! enactm5t ( title
 ,i ( ! ,surface ,transportation        
,inve/m5t ,act ( #bjai1 & ! am5dm5ts    
made !reby4  7c7 ,exp5ditures f ! fund  
,am\nts 9 ! fund %all be available =    
mak+ grants "u ! surface transportation 
block grant program e/abli%$ "u section 
#acc ( title #bc1 ,unit$ ,/ates ,code4  
4  7b7 ,cl]ical am5dm5t ,! table (      
sections = sub*apt] ,a ( *apt] #ih ( su*
 ,code is am5d$ by add+ at ! end !      
foll[+ new item3  ,sec4 #ieab4          
,transportation ,block ,grant ,fund4  4