Surface Transportation Investment Act of 2021
- Last Action
- 2/26/2021
Actions
- 2021-02-26Referred to the Subcommittee on Highways and Transit.
- 2021-02-25Referred 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.
- 2021-02-25Referred 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.
- 2021-02-25Introduced in House
- 2021-02-25Introduced in House
CRS Summary
As of 2021-02-25 (00)
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.
Cosponsors (1)
- JERROLD NADLER (D-NY)
Subjects
- Department of the Treasury
- Energy assistance for the poor and aged
- Executive agency funding and structure
- Government trust funds
- Income tax credits
- Income tax deductions
- Oil and gas
- Roads and highways
- Taxation of foreign income
- Transportation programs funding
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.