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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
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Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

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)

Bill Actions

Date Description
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