Surface Transportation Investment Act of 2021
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Feb 25, 2021)
Surface Transportation Investment Act of 2021
This bill limits or repeals certain tax benefits for major integrated oil companies, including (1) the foreign tax credit for companies that are dual capacity taxpayers, (2) the tax deduction for intangible drilling and development costs, (3) the percentage depletion allowance for oil and gas wells, and (4) the tax deduction for qualified tertiary injectant expenses.
The bill modifies the definition of major integrated oil company to include certain successors in interest that control more than 50% of the crude oil production or natural gas production of the company.
The bill establishes a Transportation Block Grant Fund and appropriates to the fund amounts equal to the increase in revenues as a result of this bill. The funds must be used for making grants under the Surface Transportation Block Grant Program.
What just happenedFeb 26, 2021
Referred to the Subcommittee on Highways and Transit.
Who’s behind it
- Introduced in HouseFeb 25, 2021
- Feb 26, 2021Committee
Referred to the Subcommittee on Highways and Transit.
Highways and Transit Subcommittee - Feb 25, 2021IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Transportation and Infrastructure Committee - Feb 25, 2021IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Ways and Means Committee - Feb 25, 2021IntroReferralIntro-H
Introduced in House
- Feb 25, 2021IntroReferral1000
Introduced in House