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Title: Amends Energy-Related Tax Credits
Vote Smart's Synopsis:
Vote on a motion to invoke cloture on a bill that repeals tax deductions for major integrated oil companies.
More Info About this Vote
- Defines “major integrated oil company” as a crude oil producer that meets the following criteria in a taxable year (Secs. 202-205):
- Average daily worldwide production of crude oil of at least 500,000 barrels; and
- Gross receipts exceeding $1 billion.
- Extends tax credits and other incentives for certain energy products, production and investment including, but not limited, to the following (Secs. 101-104, 106-113 & 115-116):
- “Energy-efficient” homes;
- Qualified plug-in electric vehicles;
- The production of biodiesel, renewable diesel, and refined coal; and
- The production of alternative fuels.
- Repeals provisions authorizing claims for royalty relief for “deep water” and “deep gas” production (Sec. 211).
- Appropriates savings that result from the provisions of this act to the reduction of the federal deficit (Sec. 301).
NOTE: INVOKING CLOTURE REQUIRES A 3/5 MAJORITY OF THE SENATE. IT IS NOT A VOTE ON THE PASSAGE OF THE PIECE OF LEGISLATION, BUT LIMITS FURTHER DEBATE TO 30 HOURS. CLOTURE IS TYPICALLY USED TO END A FILIBUSTER. A FAILED CLOTURE VOTE OFTEN PREVENTS THE LEGISLATION FROM EVER COMING TO A VOTE.