S. 258: Close Big Oil Tax Loopholes Act

112th Congress · introduced 2011-02-02 · Taxation · Latest: Read twice and referred to the Committee on Finance.

federal

Follow this bill, step by step

Where it came from: introduced 2011-02-02 · official record
Who proposed it: Sen. Menendez, Robert [D-NJ] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Close Big Oil Tax Loopholes Act

Plain summary

Close Big Oil Tax Loopholes Act - Amends the Internal Revenue Code to deny to taxpayers with gross revenues in excess of $100 million in a taxable year (applicable large taxpayers): (1) the tax deduction for intangible drilling and development costs, (2) the tax deduction for qualified tertiary injectant expenses, (3) the exemption from restrictions on the deductibility of passive losses, (4) the percentage depletion allowance for oil and gas wells, and (5) the tax deduction for income attributable to domestic production of oil, natural gas, or primary products thereof. Requires applicable large taxpayers to amortize their geological and geophysical expenditures over a seven-year period. Imposes on producers of taxable crude oil or natural gas a 13% excise tax on the removal price of such oil and natural gas produced from lands on the Outer Continental Shelf in the Gulf of Mexico. Allows a nonrefundable credit against such tax for royalties paid under federal law with respect to the production of such crude oil and natural gas. Denies a foreign tax credit to any large integrated oil company that is subject to a levy of a foreign country or possession of the United States and receives an economic benefit from such country or possession (dual capacity taxpayer) if such country or possession does not impose a generally applicable income tax.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Close Big Oil Tax Loopholes Act

Source: Congressional Research Service summary (Introduced in Senate)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Menendez, Robert [D-NJ] · 11 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Jeff Merkley (D-OR), Sheldon Whitehouse (D-RI), Jack Reed (D-RI), Charles E. Schumer (D-NY), Richard J. Durbin (D-IL), Bernard Sanders (I-VT)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Exemption: A rule that removes certain people, property or activities from a tax or requirement.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112s258.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/s>

Record fed-us-cong112-s258 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112