To amend the Internal Revenue Code of 1986 to provide that oil and gas companies will not be eligible for the effective rate reductions enacted in 2004 for domestic manufacturers.
Restore a Rational Tax Rate on Petroleum Production Act of 2006 - Amends the Internal Revenue Code to deny a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, natural gas, or any primary product thereof.
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3714)
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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