H.R.1959 - Pain at the Pump Act112th Congress (2011-2012)
Summary: H.R.1959 — 112th Congress (2011-2012)
Introduced in House (05/24/2011)
Pain at the Pump Act - Amends the Internal Revenue Code to repeal certain tax incentives for oil and gas companies, including: (1) the tax credit for enhanced oil recovery, (2) the tax credit for producing oil and gas from marginal wells, (3) the expensing allowance for intangible drilling and development costs, (4) the tax deduction for tertiary injectant expenses, (5) the exception to passive loss limitations for working interests in oil and gas properties, and (6) percentage depletion for oil and gas wells.
Denies a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof. Extends the required amortization period for geological and geophysical expenditures.
Expresses the sense of Congress that increases in revenue resulting from this Act should be used to make additional expenditures for clean energy programs, including for alternative fuel technology, research and development, clean energy loan guarantees, and low-income home energy assistance.