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- S.1504
S.1504: A bill to revalue the LIFO inventories of major integrated oil companies.
About This Bill
- This bill was introduced in the 110th Congress
- This bill is primarily about taxation
- Introduced May 24, 2007
- Latest Major Action May 24, 2007
Bill Sponsor
Bill Summary
Requires major integrated oil companies (i.e., companies with annual gross receipts over $1 billion and average daily worldwide production of crude oil of at least 500,000 barrels) to revalue their LIFO inventories of crude oil, natural gas, or any other petroleum product according to a specified formula. Exempts such companies from any penalties for underpayment of estimated tax resulting from the revaluation of their LIFO inventories.
(Source: Library of Congress)
Bill Actions
Date | Description |
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Read twice and referred to the Committee on Finance.
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May 24, 2007 |
Introduced in the Senate by Olympia J. Snowe (R-Maine) |