A bill to amend the Internal Revenue Code of 1986 to repeal certain tax incentives related to oil and gas.
Energy Fairness for America Act - Amends the Internal Revenue Code to: (1) deny a tax deduction for income attributable to the domestic production of oil, natural gas, or related products; (2) terminate the tax credit for producing crude oil and gas from marginal wells; (3) repeal the exception from passive activity rules for working interests in oil or gas property; (4) extend to seven years the amortization period for geological and geophysical expenditures; (5) terminate the tax deduction for intangible drilling and development costs; and (6) terminate the percentage depletion allowance for oil and gas wells.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S5703-5704)
Read twice and referred to the Committee on Finance.
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