S. 1087 · 111th Congress
Energy Fairness for America Act
- Stage
- In committee
- Sponsor
- John Kerry
- Introduced
- 2009-05-20
- Latest action
- 2009-05-20 · Introduced in Senate
Summary
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.