S.888: Oil Industry Tax Break Repeal Act of 2009

About This Bill

Bill Summary

Oil Industry Tax Break Repeal Act of 2009- Amends the Internal Revenue Code to: (1) limit the oil depletion allowance; (2) terminate accelerated depreciation of natural gas distribution lines and Alaska natural gas pipelines, expensing of equipment used in refining of liquid fuels, the tax deduction for intangible drilling and development costs and tertiary injectants, and the tax credits for enhanced oil recovery and for producing oil and gas...

(Source: Library of Congress)

Bill Actions

Date Description
Read twice and referred to the Committee on Finance.
April 23, 2009

Introduced in the Senate by Charles E. Schumer (D-N.Y.)

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