- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
House Committee on Ways and MeansIntroducedApril 9th, 2013
- house Committees
What is it?
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.
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.