A bill to amend the Internal Revenue Code of 1986 to provide that major 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 2007 - Amends the Internal Revenue Code to deny a tax deduction in the case of any major integrated oil company for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, natural gas, or any primary product thereof.
Became Public Law No: 110-140.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S111)
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S111)
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