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Bill Text - 112th Congress (2011-2012) - THOMAS (Library of Congress)
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SEC. 102. LIMITATION ON SECTION 199 DEDUCTION ATTRIBUTABLE TO OIL, NATURAL GAS, OR PRIMARY PRODUCTS THEREOF.
- (a) Denial of Deduction- Paragraph (4) of section 199(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
- `(E) SPECIAL RULE FOR CERTAIN OIL AND GAS INCOME- In the case of any taxpayer who is a major integrated oil company (as defined in section 167(h)(5)(B)) for the taxable year, the term `domestic production gross receipts' shall not include gross receipts from the production, transportation, or distribution of oil, natural gas, or any primary product (within the meaning of subsection (d)(9)) thereof.'.
SEC. 103. LIMITATION ON DEDUCTION FOR INTANGIBLE DRILLING AND DEVELOPMENT COSTS.
- (b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2011.
- (a) In General- Section 263(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new sentence: `This subsection shall not apply to amounts paid or incurred by a taxpayer in any taxable year in which such taxpayer is a major integrated oil company (as defined in section 167(h)(5)(B)).'.
SEC. 104. LIMITATION ON PERCENTAGE DEPLETION ALLOWANCE FOR OIL AND GAS WELLS.
- (b) Effective Date- The amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2011.
- (a) In General- Section 613A of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
- `(f) Application With Respect to Major Integrated Oil Companies- In the case of any taxable year in which the taxpayer is a major integrated oil company (as defined in section 167(h)(5)(B)), the allowance for percentage depletion shall be zero.'.
SEC. 105. LIMITATION ON DEDUCTION FOR TERTIARY INJECTANTS.
- (b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2011.
- (a) In General- Section 193 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
- `(d) Application With Respect to Major Integrated Oil Companies- This section shall not apply to amounts paid or incurred by a taxpayer in any taxable year in which such taxpayer is a major integrated oil company (as defined in section 167(h)(5)(B)).'.
TITLE II--OUTER CONTINENTAL SHELF OIL AND NATURAL GAS
- (b) Effective Date- The amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2011.
SEC. 201. REPEAL OF OUTER CONTINENTAL SHELF DEEP WATER AND DEEP GAS ROYALTY RELIEF.
- (a) In General- Sections 344 and 345 of the Energy Policy Act of 2005 (42 U.S.C. 15904, 15905) are repealed.
TITLE III--MISCELLANEOUS
- (b) Administration- The Secretary of the Interior shall not be required to provide for royalty relief in the lease sale terms beginning with the first lease sale held on or after the date of enactment of this Act for which a final notice of sale has not been published.
SEC. 301. DEFICIT REDUCTION.
- The net amount of any savings realized as a result of the enactment of this Act and the amendments made by this Act (after any expenditures authorized by this Act and the amendments made by this Act) shall be deposited in the Treasury and used for Federal budget deficit reduction or, if there is no Federal budget deficit, for reducing the Federal debt in such manner as the Secretary of the Treasury considers appropriate.
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