S. 1087Senate111th Congress (2009-2011)In Committee

Energy Fairness for America Act

Introduced May 20, 2009

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

May 20, 2009

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SenateIntro Referral

Introduced in Senate

May 20, 2009

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S5703-5704)

May 20, 2009

SenateIntro Referral

Read twice and referred to the Committee on Finance.

May 20, 2009

Floor Debate

12 members

What members said about S. 1087 on the floor

3 Republicans9 Democrats
Richard J. Durbin
Sen. Richard J. DurbinD-IL · May 20, 2009

Mr. President, today I am introducing a bill, together with my Republican colleague Senator Orrin Hatch, that will help the financial security of Federal judges and their families. It will do so…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · May 20, 2009

Mr. President, I rise today to speak in favour of the Domestic Partner Benefits and Obligations Act, which I am introducing with my colleague and friend on the Homeland Security and Governmental…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · May 20, 2009

Mr. President, I rise today to introduce the Medicare Payment Advisory Commission MedPAC Reform Act, legislation to elevate MedPAC to an executive branch entity and give it the resources and…

Mark L. Pryor
Sen. Mark L. PryorD-AR · May 20, 2009

Mr. President, I rise today to introduce legislation with Senators Snowe, Nelson of Nebraska, and Wicker. The legislation that we are introducing today is aptly named The Safe Roads Act of 2009, as…

Michael B. Enzi
Sen. Michael B. EnziR-WY · May 20, 2009

President, I rise to speak on the introduction of the Livestock Marketing Fairness Act. I want to also acknowledge that I am joined in introducing this legislation by Senators Dorgan, Grassley, and…

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Max Baucus
Sen. Max BaucusD-MT · May 20, 2009

Mr. President, this Nation and this body have debated divisive trade issues for more than a century. In the 1820s, the cotton, indigo, and rice exporting southern States quarreled with northern…

Tom Udall
Sen. Tom UdallD-NM · May 20, 2009

Mr. President, today I join Senator Bingaman in introducing a bill to complete the Aamodt water settlement in northern New Mexico. Introduction of this bill represents a major milestone in the…

Jeff Bingaman
Sen. Jeff BingamanD-NM · May 20, 2009

Mr. President, today Senator Udall and I are introducing a bill that will help end a contentious dispute over water rights claims in the Rio Pojoaque general stream adjudication in New Mexico. This…

Richard Burr
Sen. Richard BurrR-NC · May 20, 2009

Mr. President, I rise today to speak on the pressing issue of health care in America. Millions of Americans go without health insurance each year. Especially during these tough economic times, many…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · May 20, 2009

Mr. President, I am pleased to join my colleague from Illinois and fellow Judiciary Committee member, Senator Durbin, in introducing the Judicial Survivors' Protection Act of 2009. This legislation…

John F. Kerry
Sen. John F. KerryD-MA · May 20, 2009

Mr. President, today I am introducing the Energy Fairness for America Act which repeals tax incentives for the oil and gas industry. This is the third consecutive Congress in which I have introduced…

John F. Kerry
Sen. John F. KerryD-MA · May 20, 2009

Mr. President, today I am introducing the Energy Fairness for America Act which repeals tax incentives for the oil and gas industry. This is the third consecutive Congress in which I have introduced…

Ron Wyden
Sen. Ron WydenD-OR · May 20, 2009

Mr. President, I rise to discuss the subject of U.S. energy policy and to introduce a series of bills to address this issue,

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued May 20, 2009

II

111th CONGRESS

1st Session

S. 1087

IN THE SENATE OF THE UNITED STATES

May 20, 2009

Mr. Kerry introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to repeal certain tax incentives related to oil and gas.

1.

Short title

This Act may be cited as the Energy Fairness for America Act.

2.

Denial of deduction for income attributable to domestic production of oil, natural gas, or primary products thereof

(a)

In general

Subparagraph (B) of section 199(c)(4) of the Internal Revenue Code of 1986 (relating to exceptions) is amended by striking or at the end of clause (ii), by striking the period at the end of clause (iii) and inserting , or, and by inserting after clause (iii) the following new clause:

(iv)

the production, refining, processing, transportation, or distribution of oil, natural gas, or any primary product thereof.

.

(b)

Primary product

Section 199(c)(4)(B) of such Code is amended by adding at the end the following flush sentence:

For purposes of clause (iv), the term primary product has the same meaning as when used in section 927(a)(2)(C), as in effect before its repeal.

.

(c)

Conforming amendments

(1)

Section 199(c)(4) of such Code is amended—

(A)

in subparagraph (A)(i)(III) by striking electricity, natural gas, and inserting electricity, and

(B)

in subparagraph (B)(ii) by striking electricity, natural gas, and inserting electricity.

(2)

Section 199(d) of such Code is amended by striking paragraph (9) and by redesignating paragraph (10) as paragraph (9).

(d)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

3.

Termination of credit for producing oil and gas from marginal wells

(a)

In general

Section 45I of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

(e)

Termination

This section shall not apply to any taxable year beginning after the date of the enactment of this subsection.

.

(b)

Effective date

The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

4.

Repeal of exception from passive activity rules for working interests in oil or gas property

(a)

In general

Section 469(c) of the Internal Revenue Code of 1986 is amended by striking paragraph (3).

(b)

Conforming amendment

Paragraph (4) of section 469(c) of such Code is amended—

(1)

by striking Paragraphs (2) and (3) and inserting Paragraph (2), and

(2)

by striking paragraphs (2) and (3) in the heading and inserting paragraph (2).

(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

5.

7-year amortization of geological and geophysical expenditures for all oil and gas exploration and development

(a)

In general

Section 167(h) of the Internal Revenue Code of 1986 is amended—

(1)

by striking 24-month period each place it appears in paragraphs (1) and (4) and inserting 7-year period, and

(2)

by striking paragraph (5).

(b)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

6.

Termination of deduction for intangible drilling and development costs

(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 any taxable year beginning after the date of the enactment of this sentence..

(b)

Conforming amendments

Paragraphs (2) and (3) of section 291(b) of such Code are each amended by striking section 263(c), 616(a), and inserting section 616(a).

(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

7.

Termination of percentage depletion allowance for oil and gas wells

(a)

In general

Section 613A of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

(f)

Termination

For purposes of any taxable year beginning after the date of the enactment of this subsection, the allowance for percentage depletion shall be zero.

.

(b)

Effective date

The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.