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.
-According to Opensecrets.org, the big five oil companies, combined, earned $177,000 per minute in 2013.
Big Oil Welfare Repeal Act of 2013
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.
- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on Ways and MeansIntroducedApril 9th, 2013
- house Committees