End Oil and Gas Tax Subsidies Act of 2015

End Oil and Gas Tax Subsidies Act of 2015

This bill amends the Internal Revenue Code to:

• increase to seven years the amortization period for geological and geophysical expenditures;
• repeal the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery;
• repeal the tax deduction for the intangible drilling and development costs of oil and gas wells;
• repeal percentage depletion for oil and gas wells;
• repeal the tax deduction for tertiary injectant expenses;
• repeal the passive loss exception for working interests in oil and gas property;
• deny the tax deduction for income attributable to domestic production activities for oil and gas activities;
• prohibit the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies; and
• limit the foreign tax credit for dual capacity taxpayers (i.e., taxpayers who are subject to a levy of a foreign country or U.S. possession and receive specific economic benefits from such country or possession).