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H.R.601: Permanent Repeal of Oil Subsidies Act
About this Bill
|This bill was introduced in the||113th Congress|
|This bill is primarily about||taxation|
|You can||read the bill|
|Sponsor||Edward J. Markey, D-Mass.|
|Total Cosponsors||8 (All Democrats)|
|Introduced||Feb. 8, 2013|
|Latest Major Action||Feb. 21, 2013|
|See it on||GovTrack|
|See it on||C-SPAN|
- Bill introduced in the House
- Bill passed in the House
- Bill passed in the Senate
- Bill signed into law
Permanent Repeal of Oil Subsidies Act - United States Exploration on Idle Tracts Act or USE IT Act - Directs the Secretary of the Interior to: (1) issue regulations establishing a graduated annual production incentive fee governing federal onshore and offshore lands subject to an oil or natural gas production lease but for which such production is not occurring, and (2) deposit the prescribed fee assessment into the general fund of the Treasury.
Deficit Reduction Through Fair Oil Royalties Act - Prohibits the Secretary from issuing new oil or natural gas production leases in the Gulf of Mexico under the Outer Continental Shelf Lands Act (OCSLA) to a person that does not renegotiate its existing leases in order to require royalty payments if oil and natural gas prices are greater than or equal to specified price thresholds.
Authorizes the Secretary, in the case of multiple lessees, to implement a separate agreement modifying payment responsibilities (including such p...
(Source: Congressional Research Service)
|Feb. 21, 2013||Referred to the Subcommittee on Energy and Mineral Resources.|
|Feb. 8, 2013||Referred to House Ways and Means|
|Feb. 8, 2013||Referred to House Natural Resources|