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house Bill H.R. 1426

Eliminating a Tax Break for Big Oil

Argument in favor

These multi-billion dollar ,multinational oil companies can and should pay their taxes.

Argument opposed

To counterbalance the loss of the tax credit, Big Oil will simply raise the price at the pumps.

What is House Bill H.R. 1426?

This bill would eliminate a tax break for big oil companies--those companies that have an average daily global production of crude oil of at least 500,000 barrels and gross receipts exceeding $1 billion. The five companies the bill targets--Chevron, BP, ExxonMobil, the Royal Dutch Group (which owns Shell), and ConocoPhillips--reported a total of $118 billion in profits in 2012. The tax credit the bill would eliminate allows companies to deduct 6% of their tax liability from annual income derived from domestic oil production. 


The bill impacts tax deductions for major oil companies.

Cost of House Bill H.R. 1426

Would reduce deficits by $9.2 billion over the next decade.

More Information

Of Note:

-According to, the big five oil companies, combined, earned $177,000 per minute in 2013


Big Oil Welfare Repeal Act of 2013

Official Title

To amend the Internal Revenue Code of 1986 to disallow the deduction for income attributable to domestic production activities with respect to oil and gas activities of major integrated oil companies.

bill Progress

  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      Committee on Ways and Means
    IntroducedApril 9th, 2013

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