S. 940: Close Big Oil Tax Loopholes Act

112th Congress · introduced 2011-05-10 · Energy · Latest: Motion to proceed to consideration of measure, under the order of 5/16/2011, not having achieved 60 votes in the affirmative, was withdrawn in Senate. (consideration: CR S3039)

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Follow this bill, step by step

Where it came from: introduced 2011-05-10 · official record
Who proposed it: Sen. Menendez, Robert [D-NJ] · what a sponsor is
What happened next: 1 recorded vote in our records. Latest: Senate vote 72 (2011): On the Motion to Proceed, S940 (2011-05-17), Motion to Proceed Rejected. See all
Where it stands now: Motion to proceed to consideration of measure, under the order of 5/16/2011, not having achieved 60 votes in the affirmative, was withdrawn in Senate. (consideration: CR S3039) 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 - Expresses the sense of the Senate that: (1) the President and Administration should be commended for recognizing the severity of high gas prices and for taking appropriate actions to help reduce gas prices; (2) Congress should take additional actions to complement the efforts of the President; (3) the Organization of Petroleum Exporting Countries (OPEC) should contribute to the stabilization of world oil markets and prices and reduce the burden of high gasoline prices by using existing idle oil production capacity to compensate for any supply shortages; and (4) U.S. economic, environmental, and national security depend on a sustained effort to reduce and eventually eliminate the dependence of the United States on oil. Amends the Internal Revenue Code to deny to oil companies with gross receipts in excess of $1 billion in a taxable year and an average daily worldwide production of crude oil of at least 500,000 barrels a year: (1) a foreign tax credit if such company is a dual capacity taxpayer, as defined by this Act; (2) the tax deduction for income attributable to domestic production of oil, natural gas, or primary products thereof; (3) the tax deduction for intangible drilling and development costs; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for qualified tertiary injectant expenses. Amends the Energy Policy Act of 2005 to repeal the authority of the Secretary of the Interior to grant royalty relief (suspension of royalties) for natural gas production from deep wells and deep water oil and gas production in the Outer Continental Shelf. Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the public debt. Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

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

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A “Nay” vote

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

Officials and money

Sponsor: Sen. Menendez, Robert [D-NJ] · 28 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Richard J. Durbin (D-IL), Charles E. Schumer (D-NY), Patty Murray (D-WA), Jack Reed (D-RI), Sheldon Whitehouse (D-RI), Kirsten E. Gillibrand (D-NY), Christopher A. Coons (D-DE), Richard Blumenthal (D-CT), Jeff Merkley (D-OR), Bernard Sanders (I-VT), Jeanne Shaheen (D-NH), Amy Klobuchar (D-MN)

Recorded votes

Senate vote 72 (2011): On the Motion to Proceed, S940 (2011-05-17): Motion to Proceed Rejected

Words on this page, explained (3)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.
Statute: A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

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-112s940.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/s>

Record fed-us-cong112-s940 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112