To amend the Internal Revenue Code of 1986 to allow for the deduction for domestic oil related production activities of companies which are not major integrated oil companies.

Amends the Internal Revenue Code with respect to the tax deduction for domestic oil related production activities to limit the 3% reduction in such deduction to major integrated oil companies (companies which have an average daily worldwide annual production of crude oil of at least 500,000 barrels and annual gross receipts in excess of $1 billion).

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5104 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5104

 To amend the Internal Revenue Code of 1986 to allow for the deduction 
 for domestic oil related production activities of companies which are 
                  not major integrated oil companies.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 21, 2010

Mr. Pomeroy (for himself and Mr. Nunes) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to allow for the deduction 
 for domestic oil related production activities of companies which are 
                  not major integrated oil companies.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. DEDUCTION FOR DOMESTIC OIL RELATED PRODUCTION ACTIVITIES 
              ALLOWED FOR COMPANIES WHICH ARE NOT MAJOR INTEGRATED OIL 
              COMPANIES.

    (a) In General.--Subparagraph (A) of section 199(d)(9) of the 
Internal Revenue Code of 1986 is amended by striking ``has oil related 
qualified production activities income'' and inserting ``is a major 
integrated oil company (as defined in section 167(h)(5)(B))''.
    (b) Conforming Amendment.--Paragraph (9) of section 199(d) of such 
Code is amended by striking ``taxpayers with oil related qualified 
production activities income'' and inserting ``major integrated oil 
companies''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2009.
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